Documente Academic
Documente Profesional
Documente Cultură
Anchoring
Growth
memaksi
PERTUMBUHAN
Towards Success
KE ARAH KEJAYAAN
www.feldaglobal.com
A n n u al R ep or t
Laporan Tahunan
2013
COVER RATIONALE
Rasional Kulit
ANCHORING
GROWTH
New growth demands have created new opportunities for us to excel. Focused towards success, the Company
continues to make great strides in the different industries. As we chart our way forward with expansionary
strategies, we will continue to deliver quality results and attractive yields to ensure long-term growth and value.
MEMAKSI
PERTUMBUHAN
Aspiring to go further in our global ventures, we at FGV are anchoring growth towards success.
TOWARDS SUCCESS
KE ARAH KEJAYAAN
Cabaran pertumbuhan baharu telah mewujudkan pelbagai peluang baharu untuk kami mencapai kegemilangan.
Syarikat terus menempa kejayaan besar dalam pelbagai industri, hasil fokus yang diberi kearah mencapai kejayaan.
Sambil melakar laluan kami untuk melangkah kehadapan melalui strategi pengembangan, kami akan terus
menghasilkan keputusan berkualiti dan hasil yang menarik bagi memastikan pertumbuhan dan nilai jangkapanjang.
Annual R ep o r t
Laporan Tahunan
2013
5/16/14 8:26 PM
Berteraskan tekad untuk melangkah lebih jauh dalam penerokaan di peringkat global, kami di FGV memaksi
pertumbuhan kearah kejayaan.
Contents
Isi Kandungan
Financial Calendar
Kalendar Kewangan
Financial Highlights
Sorotan Kewangan
50
56
58
62
66
68
Corporate Social
Responsibility
Tanggungjawab Sosial
Korporat
Media Highlights
Sorotan Media
Calendar of Events
Kalendar Peristiwa Penting
Awards & Accolades
Anugerah & Pengiktirafan
Corporate Information
Maklumat Korporat
Corporate Structure
Struktur Korporat
THE PEOPLE
Corporate Profile
Profil Korporat
50
AHLI
THE CORPORATION
SYARIKAT
Page
Page
70
70
84
Board of Directors
Lembaga Pengarah
Key Management
Pengurusan Utama
08
Chairmans Statement
Penyata Pengerusi
Integrity
Penyata Integriti Korporat
Perhubungan Pelabur
24
CEOs Review
Ulasan Ketua
Pegawai Eksekutif
Page
110
110 Statement on Corporate
Governance
Penyata Tadbir Urus Korporat
The PERFORMANCE
Page
PRESTASI
THE REPORTS
LAPORAN-LAPORAN
IN FOCUS
100
THE BUSINESS
FOKUS
Page
PERNIAGAAN
IN PERSPECTIVE
Perspektif
Page
Page
172
172 Financial Statements
314 Penyata Kewangan
456 Additional Disclosure
Pendedahan Tambahan
FGV Group
10 Hartanah Utama
Kumpulan FGV
Meeting
Notis Mesyuarat Agung
Tahunan
Proxy Form
Borang Proksi
Request Form
Borang Permintaan
: 25 June 2014
Time/Masa
: 11.00 am
MISSION MISI
VISION VISI
Corporate Profile
Profil Korporat
Financial Calendar
Kalendar Kewangan
2013
QUARTERLY RESULTS
26 February 2013
Announcement of the unaudited
consolidated results for the
4th quarter ended 31 December
2012 and proposed single tier final
dividend of 8.5 sen per ordinary
share for the financial year ended
31 December 2012.
29 May 2013
Announcement of the unaudited
consolidated results for the
1st quarter ended 31 March 2013.
26 Februari 2013
Pengumuman keputusan disatukan
belum diaudit bagi suku tahun ke-4
berakhir 31 Disember 2012 dan
cadangan dividen akhir satu peringkat
sebanyak 8.5 sen sesaham biasa bagi
tahun kewangan berakhir
31 Disember 2012.
29 Mei 2013
Pengumuman keputusan disatukan
belum diaudit bagi suku tahun pertama
berakhir 31 Mac 2013.
29 August 2013
Announcement of the unaudited
consolidated results for the
2nd quarter ended 30 June 2013.
29 Ogos 2013
Pengumuman keputusan disatukan
belum diaudit bagi suku tahun ke-2
berakhir 30 Jun 2013.
27 November 2013
Announcement of the unaudited
consolidated results for the
3rd quarter ended
30 September 2013 and
declaration of an interim single
tier dividend of 6 sen per
ordinary share for the financial
year ending 31 December 2013.
4 June 2013
Notice of the Fifth Annual General
Meeting and issuance of Annual Report.
27 November 2013
Pengumuman keputusan disatukan
belum diaudit bagi suku tahun ke-3
berakhir 30 September 2013 dan
pengisytiharan dividen interim satu
peringkat sebanyak 6 sen sesaham
biasa bagi tahun kewangan berakhir
31 Disember 2013.
4 Jun 2013
Notis Mesyuarat Agung Tahunan Ke-lima dan
penerbitan Laporan Tahunan.
DIVIDEND
DIVIDEN
4 June 2013
Notice of Book Closure for determining the entitlement
of single tier final dividend of 8.5 sen per ordinary share
for the financial year ended 31 December 2012.
11 June 2013
Amended Notice of Book Closure for determining the
entitlement of single tier final dividend of 8.5 sen per
ordinary share for the financial year ended
31 December 2012.
28 November 2013
Notice of Book Closure for determining the
entitlement of single tier interim dividend
of 6 sen per ordinary share for the financial
year ending 31 December 2013.
27 December 2013
Date of payment of single tier interim
dividend of 6 sen per ordinary share for the
financial year ending 31 December 2013.
12 July 2013
Date of payment of single tier final dividend of 8.5 sen
per ordinary share for the financial year ended
31 December 2012.
4 Jun 2013
Notis Penutupan Buku untuk menentukan kelayakan
bagi dividen akhir satu peringkat sebanyak 8.5 sen
sesaham biasa bagi tahun kewangan berakhir 31
Disember 2012.
28 November 2013
Notis Penutupan Buku untuk menentukan
kelayakan bagi dividen interim satu peringkat
sebanyak 6 sen sesaham biasa bagi tahun
kewangan berakhir 31 Disember 2013.
11 Jun 2013
Pindaan Notis Penutupan Buku untuk menentukan
kelayakan bagi dividen akhir satu peringkat sebanyak
8.5 sen sesaham biasa bagi tahun kewangan berakhir
31 Disember 2012.
27 Disember 2013
Tarikh pembayaran dividen interim satu peringkat
sebanyak 6 sen sesaham biasa bagi tahun
kewangan berakhir 31 Disember 2013.
12 Julai 2013
Tarikh pembayaran dividen akhir satu peringkat
sebanyak 8.5 sen sesaham biasa bagi tahun kewangan
berakhir 31 Disember 2012.
26 Jun 2013
Mesyuarat Agung Tahunan Ke-lima.
EXTRAORDINARY GENERAL
MEETING
30 April 2013
Announcement of the Annual Audited Accounts for the
Financial Year ended 31 December 2012.
26 June 2013
Fifth Annual General Meeting.
12 Disember 2013
Notis Mesyuarat Agung
Luar Biasa dan pengeluaran
Pekeliling kepada para
pemegang saham.
27 December 2013
Extraordinary General
Meeting.
27 Disember 2013
Mesyuarat Agung Luar
Biasa.
MAJOR ACQUISITION
PENGAMBILALIHAN UTAMA
30 October 2013
Completion of acquisition by
FGV of all the voting shares
of RM1.00 each in Pontian
United Plantations Berhad
not already owned by FGV
(Offer Share(s)) for a cash
consideration of RM140.00
per offer share via a Voluntary
Conditional Take-Over Offer.
27 December 2013
Completion of acquisition
by FGV of 112,199,999
ordinary shares of RM1.00
each in Felda Holdings Bhd
representing approximately
51% of the issued and
paid-up share capital of
Felda Holdings Bhd from
Koperasi Permodalan Felda
Malaysia Berhad for a cash
consideration of RM2.2 Billon.
30 Oktober 2013
Penyelesaian pengambilalihan
oleh FGV bagi semua saham
dengan hak mengundi bernilai
RM1.00 setiap satu dalam
Pontian United Plantations
Berhad yang masih belum
dimiliki oleh FGV (Tawaran
saham(Saham-saham))
untuk pertimbangan tunai
sebanyak RM140.00 sesaham
tawaran melalui Tawaran
Pengambilalihan Sukarela
Bersyarat.
27 Disember 2013
Penyelesaian pengambilalihan
oleh FGV bagi 112,199,999
saham biasa bernilai RM1.00
setiap satu dalam Felda
Holdings Berhad yang mewakili
kira-kira 51% modal diterbit
dan berbayar Felda Holdings
Bhd daripada Koperasi
Permodalan Felda Malaysia
Berhad untuk pertimbangan
tunai sebanyak RM2.2 Bilion.
Financial Highlights
Sorotan Kewangan
KEPUTUSAN SUKU TAHUN
26 February 2014
Announcement of the unaudited consolidated
results for the 4th quarter ended 31 December 2013
and proposed single tier final dividend of 10 sen
per ordinary share for the financial year ended
31 December 2013.
2014
QUARTERLY RESULTS
23 May 2014
Announcement of the unaudited consolidated results
for the 1st quarter ended 31 March 2014.
26 Februari 2014
Pengumuman keputusan disatukan belum diaudit bagi
suku tahun ke-4 berakhir 31 Disember 2013 dan cadangan
dividen akhir satu peringkat sebanyak 10 sen sesaham
biasa bagi tahun kewangan berakhir 31 Disember 2013.
Shareholders funds
23 Mei 2014
Pengumuman keputusan disatukan belum diaudit bagi
suku tahun pertama berakhir 31 Mac 2014.
RM6.57
30 April 2014
Announcement of the Annual Audited Accounts for
the Financial Year ended 31 December 2013.
30 April 2014
Pengumuman Akaun Diaudit Tahunan bagi Tahun Kewangan
berakhir 31 Disember 2013.
DIVIDEND
DIVIDEN
3 June 2014
Notice of Book Closure for determining the entitlement of
single tier final dividend of 10 sen per ordinary share for
the financial year ended 31 December 2013.
3 Jun 2014
Notis Penutupan Buku untuk menentukan kelayakan bagi dividen
akhir satu peringkat sebanyak 10 sen sesaham biasa bagi tahun
kewangan berakhir 31 Disember 2013.
3 Jun 2014
Notis Mesyuarat Agung
Tahunan Keenam dan
penerbitan Laporan
Tahunan.
25 June 2014
Sixth Annual General
Meeting.
25 Jun 2014
Mesyuarat Agung
Tahunan Keenam.
Revenue
billion bilion
Perolehan
RM12.57
billion bilion
Profit after Land
Lease Agreement
(LLA) liability, tax
and zakat
RM1,108.29
26.9 sen
Net assets per share
Aset bersih sesaham
million juta
RM1.80
Earnings before
interest, tax,
depreciation and
amortisation (EBITDA)
RM742.72
million juta
16 sen
per share sesaham
Kepakaran
Expertise
Performance
prestasi
Unleashing
Potential To
Spearhead
Growth
The growth of the Group is
largely due to the contribution
of its dedicated and proactive
employees who continuously
strive for excellence by
performing at the peak of their
capabilities.
Merealisasikan
Potensi
Untuk Merintis
Pertumbuhan
Pertumbuhan Kumpulan diraih
hasil sumbangan kakitangannya
yang berdedikasi dan proaktif,
sentiasa berusaha mencapai
kecemerlangan dan menampilkan
prestasi hingga kemuncak
kemampuan mereka.
Chairmans
Statement
Penyata Pengerusi
Fellow Shareholders,
OVERVIEW
In the financial year ended 31 December 2013,
Felda Global Ventures Holdings Berhad (FGV or
the Group) continued to make solid progress on
several key fronts. Despite a challenging operating
environment, the Group posted a Profit After Tax
(PAT) of RM1.1 billion, a 30.2 PERCENT increase from
the previous financial year. Consistent with the
Groups dividend policy, we delivered a total dividend
pay-out of 16 sen per share or RM583.7 million, which
amounted to approximately 60 PERCENT of net profit
after non-controlling interest.
Para Pemegang Saham,
Ulasan
PADA TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013, FELDA GLOBAL
VENTURES HOLDINGS BERHAD (FGV ATAU KUMPULAN) MENCATATKAN
KEMAJUAN YANG SANGAT MANTAP SECARA BERTERUSAN DARI BEBERAPA
SUDUT PENTING. WALAUPUN BERDEPAN DENGAN PERSEKITARAN OPERASI
YANG MENCABAR, NAMUN KUMPULAN MAMPU MENCAPAI KEUNTUNGAN
SELEPAS CUKAI (KSC) SEBANYAK RM1.1 BILION YANG MERUPAKAN
PERTAMBAHAN SEBANYAK 30.2 PERATUS BERBANDING PENCAPAIAN
PADA TAHUN SEBELUMNYA. SEJAJAR dengan polisi dividen kumpulan,
kita mengagihkan bayaran dividen sebanyak 16 sen sesaham
atau RM583.7 juta, yang berjumlah kira-kira 60 peratus daripada
keuntungan bersih selepas kepentingan pihak tidak mengawal.
YB Tan Sri Haji Mohd Isa Dato Haji Abdul Samad
Chairman / Pengerusi
10
Chairmans Letter to Shareholders
Moving forward from the Initial Public Offering (IPO) exercise, the
focused execution of the Groups growth agenda encapsulated in the
Global Strategic Blueprint (GSB) was high on our list of priorities for
2013. By executing clearly defined strategies laid out in the GSB, the
goal is to grow our business eight-fold from now until the year 2020,
generating an annual revenue of RM100 billion. This will transform the
Group to be among the top 10 largest agriculture commodity players
in the world with a strong presence in the entire business value chain.
To achieve this goal, we have set targets that are both aggressive and
realistic at every phase of our transformation journey. I am pleased to
report that our growth agenda is firmly on track.
As an integral part of our commitment to create sustainable shareholder
value, 2013 was a landmark year for acquisitions and exploring new
opportunities that are a strategic fit to our long-term growth targets.
Armed with IPO proceeds of about RM4.5 billion, we began a disciplined
and focused process of investing in our growth engines for the future.
At the same time, our attention was also channelled on improving
our operating performance in key areas such as on-going measures
to promote financial discipline, enhance productivity and efficiency
and the streamlining of various processes to achieve cost savings.
The plantation business is a long-term undertaking and requires a
commitment of some 30 years. While there are low hanging fruits for
the picking, these are still early days in our on-going transformation
journey. The decisions and actions that were taken in Financial Year
(FY) 2013 will support future top line growth, enhance the Groups value
proposition and help overcome macro-economic headwinds.
These are exciting times for us at FGV as we lay the foundations that will
anchor new growth to future success. We have the positive momentum,
a viable plan and a commercially-driven management team to take the
Group to the next level. FGVs long-term prospects promises to be
both exponential and spectacular, providing an opportunity for our
shareholders to own a stake in what may well be the biggest growth
story in corporate Malaysia.
11
12
Chairmans Letter to Shareholders
I hope you will continue to journey with us as we seek to unlock the full
potential the Group has to offer and make the most of the vast growth
opportunities we continue to see at home in Malaysia and around the
globe.
The Groups net profit takes into account a gain of RM328.3 million
arising from the acquisition of Felda Holdings Bhd (FHB) and a gain of
RM494.5 million in fair value changes in the Land Lease Agreement
(LLA) liability.
For the year under review, FGVs core plantation segment recorded
an increase in profit in 2013 of RM1,181.4 million from RM1,118.7
million posted the previous year, despite the fall in the CPO price, which
averaged RM2,333 per tonne in 2013, compared to RM2,843 per tonne
in 2012.
Our sugar segment has turned around in 2013, with profit growing
23.8 percent to RM387.2 million, on the back of a larger export volume
of refined sugar and lower purchasing and processing costs. With a
reduction in the cost of sales, a higher gross margin of 20.2 percent was
achieved during the year in review, compared with 16.3 percent in the
preceding year.
The losses incurred by our downstream segment further deepened in
2013 to RM42.6 million from a loss of RM12.04 million registered the
previous year, due mainly to negative margins derived from the Groups
downstream activities and some impairment losses taken during the
year.
13
+30.2%
RM1.1 Billion/Bilion
14
Chairmans Letter to Shareholders
DIVIDENDS
In line with the Groups commitment to deliver shareholder value, the
Board of Directors is recommending a final dividend payment of 10
sen per share amounting to RM364.8 million, subject to the approval
of shareholders at the forthcoming Annual General Meeting. This is in
addition to an interim payment of 6 sen per share declared in December
2013, bringing the total dividend payment for FY 2013 to RM583.7 million.
The amount declared is approximately 60 percent of the Groups net
profit after minority interest and higher than the 50 percent payout as
promised in the IPO prospectus. The dividend payment is expected to
benefit approximately 50,000 shareholders, including 112,635 FELDA
settlers who are FGV shareholders via Felda Asset Holdings Company
Sdn Bhd.
15
DIVIDEN
Sejajar dengan komitmen Kumpulan untuk menyampaikan nilai
pemegang saham, Lembaga Pengarah dengan ini mencadangkan
pembayaran dividen akhir sebanyak 10 sen sesaham berjumlah RM364.8
juta, tertakluk kepada kelulusan para pemegang saham di Mesyuarat
Agung Tahunan yang akan datang. Pembayaran ini adalah tambahan
kepada pembayaran dividen interim sebanyak enam sen sesaham
16
Chairmans Letter to Shareholders
17
In July 2013, the Group made its first plantation acquisition since it was
listed in June 2012 when it entered into an agreement to acquire a 95
percent equity interest in two Indonesian companies, PT Temila Agro
Abadi and PT Landak Bhakti Palma for a total purchase consideration
of RM44.2 million. The acquisition will pave the way for FGV to own
21,037 hectares of mostly greenfield plantations in West Kalimantan,
of which 8,193 hectares will be developed for planting oil palms while
12,844 hectares will be designated for rubber cultivation. The Group
expects to spend RM283.6 million over the next five to six years to
develop its new acquisitions.
In October 2013, the voluntary conditional takeover exercise of the
Sabah-based PUP was completed for a total consideration of RM1.2
billion. PUP has approximately 15,161 hectares of primarily matured
oil palm land, located in Sabah and in Johor. The deal includes a
processing mill, a kernel crushing facility as well as RM250 million in
cash.
The completion of these acquisitions has increased FGVs landbank
by 8.9 percent to 446,656 hectares. The PT Temilia land is adjacent
to the PT Citra Niaga Perkasa land purchased earlier, while the PUP
plantation is in close proximity to the Groups existing plantation in
Lahad Datu, Sabah, this bodes well for economies of scale in estate
management and the sharing of resources. The Groups drive to
acquire oil palm estates also comes at an opportune moment, as
the downturn in CPO prices has made it easier to push through an
acquisition at reasonable valuations.
Expanding Downstream Presence. The GSB also mandates the
Group to expand its downstream operations and diversify into the
manufacture of high value innovative products to sustain and protect
its upstream business.
On 17 April 2013, the Group signed an Asset Purchase Agreement
with Mission Biotechnologies Sdn Bhd to acquire its 100,000 tonnes
biodiesel refinery at Kuantan Port for RM36.9 million. A wholly-owned
subsidiary known as FGV Biotechnologies Sdn Bhd was incorporated to
undertake the production of biodiesel and expand the Groups product
offerings. Operational in mid-2013, the refinery has since delivered its
first shipment of palm methyl ester for export to Europe and for the
Governments B5 mandated programme. Current biodiesel production
has become commercially viable as a result of the relatively low CPO
price against other biodiesel feedstock such as rapeseed and soya.
18
Chairmans Letter to Shareholders
19
FGV is set to become the first company
in the world to pioneer and produce
high grade carbon nanotubes (CNT) and
graphene from by-products of CPO and
other hydrocarbons.
FGV bersedia menjadi syarikat pertama di dunia
merintis dan mengeluar tiub nano karbon (CNT) dan
grafin bergred tinggi daripada produk sampingan
MSM dan hidro karbon lain.
20
Chairmans Letter to Shareholders
21
22
Chairmans Letter to Shareholders
At the mid and downstream ends of the value chain, the Group remains
alert to collaborations and joint-ventures with prospective partners.
The Group has also developed a promising line of downstream products
to increase our market presence in the Southeast Asian market. In
Cambodia, we will build on the foothold established and the target is
to capture a 30 percent market share for our products from Delima Oil
Products Sdn Bhd over the next three years.
Our outlook for the coming year is for profit growth to continue at a
very satisfactory level. I would like to emphasise that the FGV Group
is not just about making money. It is doing it in a responsible and
sustainable manner and this will always be the cornerstone of our
business philosophy.
APPRECIATION
At the end of the day, it is FGVs people who will determine the success
of the Group and its ultimate destiny. In this time of revitalisation and
preparing for the next thrust forward, what has been inspirational is
how everyone has pulled together to share the Groups bold vision and
ambitions. Your professionalism, commitment and willingness to work
hard will remain our greatest source of confidence in the Groups future.
In its transformation journey, the Group is fortunate to have a great
support team comprising its shareholders, customers, contractors,
business partners and other stakeholders. We thank all of you for your
confidence in us and your continuing support as we look forward to
expanding our horizons.
I thank my Board colleagues for their diligence and support throughout
2013. The composition of the Board has changed during the year with
the departure of Tan Sri Dato Sabri Ahmad who has completed his term
of office together with Datuk Wira Jalilah Baba, Datuk Shahril Ridza
Ridzuan and Tan Sri Dato Sri Dr Mohd Irwan Serigar Abdullah who
resigned from the Board owing to other commitments. During his threeyear tenure as Group President/Chief Executive Officer, Tan Sri Dato
Sabri played an instrumental role in the listing of FGV and put in place
the Strategic Global Blueprint. All of them will be missed and the Board
wishes them every success in their future undertakings. Mohd Emir
Mavani Abdullah has been appointed Group President/CEO effective 15
July 2013. A leading expert in economic and government administration
reforms and a Board member since January 2012, he has the breadth
and depth of knowledge and experience required to lead the Group at
this critical phase of its transformation journey.
The FGV Group is entering 2014 with a new vigour. We have come some
distance over the past year but it is only the beginning. The task at hand
is to sustain the momentum into 2014 and in the years ahead.
I thank all of you.
23
24
CEOs
Review
Ulasan
Dear Stakeholders,
It gives me great pleasure to present
this operational review of one of the
most successful, fastest growing
and exciting companies in corporate
Malaysia. To be the Chief Executive
Officer of this great company at this
particular phase of its evolution is
an honour and a privilege.
Para Pemegang Kepentingan
Sekalian,
DE N G A N S U K A C ITA N Y A , S A Y A
MEMBENTANGKAN ULASAN OPERASI
SALAH SEBUAH SYARIKAT YANG PALING
BERJAYA, PESAT BERKEMBANG DAN
MENGUJAKAN DI ARENA KORPORAT
MALAYSIA. MENJADI KETUA PEGAWAI
EKSEKUTIF syarikat YANG hebat
ini, di kala IA MELALUI FASA
evolusinya KINI, MERUPAKAN SATU
KEBANGGAAN DAN PENGHORMATAN.
25
Looking back, there was much to be positive about the Groups performance
in 2013. Aside from the financial numbers, it was a landmark year for asset
acquisitions and investments in strategic technology initiatives to meet
the objectives outlined in our Global Strategic Blueprint. The underlying
momentum of the Groups business remains robust. For each of our
operating clusters, a strong base has been created that can be built upon
to meet our longer-term goals. The Groups balance sheet strength places
it in a strong position to take advantage of opportunities coming its way for
future top and bottom line growth.
While the basis for future growth has been established, we want to play a
more proactive role in accelerating the pace of the Groups transformation
journey to be among the top 10 largest agriculture commodity players in
the world. With the new line-up in a revitalised management team, we are
confident that our focus on operational improvement, high performance
and portfolio optimisation will take the Groups performance to a new level.
In all that we are striving to achieve, we will never lose sight of the fact that we
are stewards of a business that was built over more than 50 years ago. This
means we have an obligation to approximately 50,000 shareholders including
Felda Asset Holdings Company Sdn Bhd who holds the interest of the 112,635
FELDA settlers. We are committed to delivering long-term shareholder
value, abiding by a high level of accountability, sustainability and respect for
the human dimension that guide the way we conduct our business.
Stocks
Production
SOURCE OF FFB
SUMBER BTS
35 %
30 %
25 %
20 %
15 %
10 %
5%
FGVPM
FAS
Felda Settlers
External
FTP (Settlers)
External
FAS
FTP (Settlers)
Felda Settlers
FGVPM
Walau apa jua yang ingin dicapai, kami tidak akan sekali-kali mengabaikan
tanggungjawab kami sebagai penjaga kepada satu perniagaan yang telah
dibina lebih 50 tahun lepas. Ini juga bermakna bahawa kami tanggungjawab
kepada kira-kira 50,000 pemegang saham, termasuk Felda Asset Holdings
Company Sdn Bhd yang memegang kepentingan 112,635 peneroka FELDA.
Kami beriltizam untuk menyampaikan nilai pemegang saham jangka
panjang, dengan mematuhi tahap kebertanggungjawaban yang tinggi,
kemampanan dan menghormati dimensi kemanusiaan yang memacu cara
kami mengendalikan perniagaan kami.
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Jan
Feb
26
CEOs Review
27
PLANTATION
Perladangan
19.59
5,052
22%
31%
4,911
Age Profile
2013 FGV
Profil Usia
19.10
18%
29%
2012
>25
Immature / Tidak Matang (0-3)
Prime / Matang (4-20)
Old / Tua (21-25)
Note/Nota:
1. Inclusive of Pontian United Plantation
Termasuk Pontian United Plantation
2. Prime Improved by 2%
Peningkatan matang sebanyak 2%
2013
2012
2013
...................................................
MEMUPUK PERTUMBUHAN BAHARU
RM1.2bil
+ 5.6%
28
CEOs Review
PLANTATION
Perladangan
The Group has a total landbank of 446,656 hectares, of which 390,234 hectares or 87.4 percent are in Malaysia,
while the remainder 56,422 hectares are in Indonesia. Of the total hectarage, some 347,517.50 hectares have
been planted with oil palms and another 12,372 hectares consist of rubber plantations. Owing to legacy issues,
about 53 percent of the Groups oil palms have passed their prime, being more than 20 years. To correct the age
profile and improve yields, the Group has adopted a two-prong strategy focusing on an aggressive replanting
programme of 15,000 hectares per year and through brownfield acquisitions of plantation land in Malaysia and
overseas.
The Group is aiming for a more favourable age profile of 12 years by 2019. To achieve this target, the Group has
embarked on an optimal replanting rate of 15,000 hectares to reduce the total hectarage of old palms by around
5 percent per annum. After two consecutive years of exceeding this target, the progress in 2013 was impeded by
floods with only 14,494 hectares replanted.
During the year under review, one major acquisition exercise was completed while another two expected to be
completed in 2014. In July 2013, the Group acquired 21,037 hectares of greenfield and brownfield landbank in
Kalimantan, Indonesia. Some 8,193 hectares will be planted with oil palms, while 12,844 hectares of land will be
developed for rubber cultivation. As a monoculture planting strategy exposes the Group to inherent risks, the
plan is to increase our rubber plantation area to 30,000 hectares in South East Asian region by 2020.
The Group aims to accelerate the process of improving the age profile of its palms through brownfield
acquisitions. On 1 October 2013, the Group completed the acquisition of Pontian United Plantations Bhd (PUP).
The PUP acquisition comprises 15,161 hectares of mostly mature oil palms, which in 2013 produced an average
yield per hectare of 22.77 tonnes.
The Plantation embarked on several productivity improvement initiatives during the year. They include the
implementation of new processes and the upgrading of boilers at the mills, leading to improved consistency and
efficiency of mill operations. In the interest of sustainability, a total of 19 mills have also been installed with Empty
Fruit Bunches (EFB) pressing facilities. This initiative is not only environmentally friendly, but the shredded EFB
can be sold either on its own or can be further processed at two other plants into Dried Long Fibre.
Total Land Bank
Jumlah Tanah Simpanan
OIL PALM
Kelapa Sawit
RUBBER
GETAH
OTHERS**
LAIN-LAIN**
333,368
12,372
2,538
1,968
2,115
37,873
335,336
14,487
40,411
Planted/Ditanam
15,022
Unplanted/Tidak ditanam
23,753
12,844
4,803
Total/Jumlah
38,775
12,844
4,803
56,422
Total Plantation/
Jumlah Tanaman
374,111
27,331
45,214
446,656
MALAYSIA
Planted/Ditanam
Unplanted/Tidak ditanam
Total/Jumlah
390,234
INDONESIA*
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31
DOWNSTREAM
Hiliran
1.39million tonnes
juta tan metrik
...................................................
MEMBINA KEHADIRAN YANG LEBIH TEGUH
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CEOs Review
Downstream
Hiliran
For the year under review, the losses incurred by the downstream cluster
further declined to RM42.6 million mainly due to lower margins achieved for
refined, bleached and deodorised palm kernel oil and loss in the soybean
and canola crushing operation in Canada. The Groups local vegetable oil
refineries recorded an improved performance over the previous year by
producing an operating margin of RM87 per tonne, though it still suffered a
net negative margin of RM25 per tonne, a higher sales volume of 1.39 million
tonnes was achieved by capitalising on low CPO prices to boost exports. The
fatty acid business recorded a lower profit of RM44.6 million mainly because
of a seasonal decline in sales volume and year-end inventory reductions. The
Groups integrated soybean and canola crushing and refining operations in
Canada recorded a loss of RM101.89 million due mainly to lower tolling fees
from Bunge ETGO, a joint-venture between the Groups TRT-ETGO and Bunge
Limited. Our Canadian operations were also adversely impacted by deep freeze
conditions in North America in the month of December 2013, which resulted in
the cancellation of a delivery contract. With the termination of our joint venture
with Bunge ETGO effective 1 September 2013, TRT-ETGO has derived revenue
from the commercial operations of the business instead of tolling fees.
During the year, the Group continued to enhance its downstream capabilities
and presence as a strategic move to enhance the value of its upstream products.
We are constantly on the look-out for value-added deals that will support the
future growth of the Group. Thus, on 9 October 2013, the Group acquired the
assets of Mission Biotechnologies Sdn Bhd, which include a 100,000 tonnes
per annum biodiesel refinery in Kuantan, Pahang. In another joint-venture
undertaking, this time with Lipid Venture Sdn Bhd, a plant will be established in
Kuantan to produce tocotrienol (Vitamin E) from refined bleached palm oil. This
venture is targeted to commence operations towards the end of 2015.
The Group has also teamed up with the United Kingdom-based Cambridge
Nanosystems Limited (CNL) to pioneer and produce High Grade Carbon
Nanotubes (CNT) and Graphene from by-products of crude palm oil and other
hydrocarbons. CNT and Graphene have potential usage for the next generation
communication cables for use in the aviation, oil and gas, electricity and nuclear
power industries, among others. This collaboration marks a significant step in
the Groups on-going efforts to diversify into non-food and high value products.
The Group has also plans to carve out a larger presence in Cambodia, not only
in the upstream but also the downstream sector of the plantation industry.
We have opened an operations office in Phnom Penh, following an agreement
signed with a local partner to market a range of 50 quality products produced
by our subsidiary company, Delima Oil Products Sdn Bhd (DOP). Our goal is to
secure 30 percent of the Cambodian market within the next three years. DOP is
already a household name in Malaysia and its products are widely distributed in
Myanmar, Cambodia, Philippines, Laos and Vietnam. Its marketing strategy is
to focus on developing products with higher margins and during the year, it has
expanded its product offerings with the launch of a new range of non-food items
such as bath soaps and shower creams.
33
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CEOs Review
35
SUGAR
GULA
A Stellar Year
RM387.2
million/juta
+ 25.9%
...................................................
TAHUN yang gemilang
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CEOs Review
SUGAR
GULA
The total production of refined sugar rose 4.2 percent to 938,203 tonnes,
representing 57 percent of Malaysias entire production of granulated
sugar. Total sales volume increased by 1.6 percent to 952,740 tonnes, of
which 76.6 percent was sold locally with the remainder exported, mainly
to the Asia Pacific region. MSMs export growth is supported by the
many quality certifications it has earned from internationally recognised
bodies such as SIRIM and ISO. In 2013, MSM was awarded FSSC : 2200
(Food Safety System Certification) as a globally accepted assurance that
international food safety standards are adhered to within the production
process.
Moving forward, the prospects for the Sugar Cluster remain bright.
Global demand is set to grow by between 25 percent and 27 percent over
the next five years, driven by increasing consumption in Africa and Asia.
37
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CEOs Review
39
Profit
Keuntungan
RM186.8
million/juta
...................................................
40
CEOs Review
This includes, the most advanced vegetable oil terminals in major ports of Malaysia and ranked
as the largest bulking edible oil facilities in the world. In addition, we are also engaged into
production of fertilisers of which we are the market leader in producing and distributing more
than 500,000 tonnes of high quality fertilisers per annum. We are also embarking on the fertiliser
expansion mode by adding a new fertiliser plant in Kuantan Port, Pahang with an additional
capacity of approximately 300,000 tonnes per annum, expected commissioning by Q3 2014.
Other MLO companies engage in provision of security services, travel and hospitality, engineering,
project management and property development as well as Information and Communication
Technology (ICT) services.
For 2013, R&D and MLO posted a profit of RM186.8 million, compared to RM343.3 million
achieved by the previous year. The 45.6 percent decline was attributed primarily due to decrease
in R&D income and lower fertiliser margins due to lower average selling price and lower sales
volume.
R&D and MLOs financial performance is a reflection of the challenging environment in 2013.
In a very competitive market, R&D and MLOs performance was impacted by fluctuations in the
prices of raw materials, underpinned by lower and volatility of the CPO prices, unpredictable
weather condition, increase in electricity tariff rates and diesel prices coupled with the
weakening Ringgit against the US Dollar.
Moving forward, R&D and MLO has identified a raft of revenue and cost initiatives to improve
its performance for the coming financial year. Greater efforts will be channelled to expand its
fertiliser market base, targeting private and government-linked companies (GLCs) operating
plantations in Malaysia, expanding export sales to the ASEAN region, adopting a direct sales
approach to FELDA second generations of settlers and stepping up sales to Malaysian-owned
plantations operating overseas. In transportation services, MLO will focus on external highvalue sectors such as oil and gas, defence and security, energy and utilities, automotive and
manufacturing, to cite a few examples.
Among cost initiatives, MLO will be establishing partnerships with local fertiliser companies
to achieve greater economies of scale. It will also explore new sources of raw materials from
suppliers in the Middle East, Pakistan and Vietnam. MLO is also planning to implement a more
comprehensive ICT support system that will contribute towards overall cost control.
41
Ini meliputi terminal minyak sayuran termaju di pelabuhan utama di Malaysia dan merupakan
antara kemudahan pukal minyak boleh dimakan terbesar di dunia. Selain itu, kami turut
terlibat dalam aktiviti pengeluaran baja dan merupakan pengeluar terbesar di pasaran dalam
pengeluaran dan pengedaran lebih 500,000 tan metrik baja berkualiti tinggi dalam setahun.
Kami juga mula mengembangkan operasi baja dengan menambah loji baja yang baharu di
Pelabuhan Kuantan, Pahang dengan anggaran kapasiti tambahan sebanyak 300,000 tan metrik
setahun, yang dijangka akan mula beroperasi pada S3 2014.
Syarikat MLO lain terlibat dalam aktiviti penyediaan perkhidmatan kawalan keselamatan,
pelancongan dan perhotelan, pengurusan projek dan pembangunan hartanah serta Teknologi
maklumat dan Komunikasi (ICT).
Bagi tahun 2013, R&D dan MLO merakamkan keuntungan sebanyak RM186.8 juta berbanding
RM343.3 juta yang dicapai tahun sebelumnya. Penurunan 45 peratus ini disebabkan oleh
penyusutan pendapatan R&D dan margin baja yang lebih rendah kerana harga jualan purata
serta jumlah jualan yang rendah.
Prestasi kewangan R&D dan MLO adalah gambaran kepada keadaan yang mencabar pada 2013.
Dalam pasaran yang sangat kompetitif, prestasi R&D dan MLO dijejaskan oleh turun naik harga
bahan mentah, harga MSM yang rendah dan tidak menentu, keadaan cuaca yang sukar diramal,
peningkatan kadar tarif elektrik dan harga diesel serta kelemahan nilai Ringgit berbanding
Dolar AS.
Melangkah ke hadapan, R&D dan MLO telah mengenal pasti beberapa hasil dan inisiatif
penjimatan untuk mempertingkatkan prestasinya pada tahun kewangan akan datang. Usaha
yang lebih besar akan disalurkan ke arah mengembangkan asas pasaran bajanya, menyasarkan
kepada syarikat persendirian dan syarikat berkaitan kerajaan (GLC) perladangan di Malaysia,
meningkatkan jualan eksportnya ke negara di rantau ASEAN, menggunakan pendekatan
langsung kepada generasi kedua peneroka FELDA dan menggiatkan usaha penjualan kepada
syarikat perladangan milik Malaysia yang beroperasi di luar negera. Dalam perkhidmatan
pengangkutan, MLO akan memberi fokus terhadap sektor luar yang bernilai tinggi seperti
minyak dan gas, pertahanan dan keselamatan, tenaga dan utiliti, automotif dan perkilangan.
Antara inisiatif dari segi kos, MLO akan mengukuhkan perkongsian dengan syarikat baja
tempatan untuk mencapai skala ekonomi yang lebih besar. Ia juga akan menerokai sumbersumber bahan mentah yang baharu daripada para pembekal di Timur Tengah, Pakistan dan
Vietnam. MLO turut merancang untuk melaksanakan sistem sokongan IT lebih komprehensif
yang akan menyumbang kepada langkah pengawalan kos secara keseluruhan.
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CEOs Review
ACCELERATING IMPROVEMENTS
The ultimate challenge now lies before us to focus all our energies
on realising the aspirations of our Global Strategic Blueprint. If the
Group is to be among the top 10 global players over the next seven
years and grow its business eight-fold, it needs to be more aggressive
and accelerate improvements. As we move into 2014, we have mapped
out a clear strategy to meet the targets we want to achieve on a yearto-year basis.
CEOs priority. Under the Performance Excellence Programme we
are reshaping the Group by focusing on Operational Improvement,
High Performance and Portfolio Optimisation. My own priority
areas will be those that have the greatest impact on the Groups
business performance, namely budgetary discipline, upstream
cost management and productivity, growth through mergers and
acquisitions, development of trading and country strategies and
the introduction of a matrix-based organisation structure to drive
efficiency and productivity. With a myriad of transformation projects
simultaneously underway, scorecards will help to keep tabs on
performance metrics and these will be cascaded to the respective
leadership teams.
The Group has also revived the Transformation Management Office
(TMO), whose principal role is to drive results by tracking progress
against pre-set targets and outcomes. TMO will also be working
closely with business and initiative owners to solve critical issues and
provide support where corrective actions are required.
Operational improvements. On the operational front, we are looking
into several key areas that have a significant impact on profitability.
In upstream cost management, we are adopting best management
practices, establishing estate-level scorecards, enhancing grading
capabilities and optimising our extensive mill network. Other areas
would include our trading, procurement and pricing strategies and
maximising the potential of our R&D capabilities.
43
MEMPERCEPATKAN PENAMBAHBAIKAN
Cabaran terbesar di hadapan kami adalah untuk menumpukan
seluruh tenaga untuk merealisasi aspirasi Pelan Induk Strategik
Global kami. Jika Kumpulan ingin menempatkan diri dalam kalangan
10 syarikat terbaik global dalam tempoh tujuh tahun akan datang dan
mengembangkan perniagaannya lapan kali ganda, ia perlu menjadi
lebih agresif dan mempercepatkan penambahbaikannya. Ketika kita
melangkah masuk ke tahun 2014, kami telah merangka dengan jelas
strategi untuk mencapai sasaran yang kami tetapkan dari tahun ke
tahun.
Kepentingan CEO. Di bawah Program Kecemerlangan Prestasi
kami sedang membentuk semula Kumpulan dengan memberi
fokus terhadap Penambahbaikan Operasi, Prestasi Tinggi dan
Pengoptimuman Portfolio. Bidang kepentingan saya sendiri adalah
bidang yang memberi kesan paling ketara terhadap prestasi
perniagaan Kumpulan, iaitu, disiplin belanjawan, pengurusan kos
huluan dan produktiviti, pertumbuhan melalui penggabungan dan
pengambilalihan, pembangunan perdagangan dan strategi negara dan
pengenalan struktur organisasi berasaskan matriks bagi mendorong
kecekapan dan produktiviti. Melalui pelbagai projek transformasi
yang dijalankan serentak, kad skor akan membantu memanfaatkan
peluang peningkatan prestasi dan ini akan diserapkan ke dalam setiap
pasukan kepimpinan.
Kumpulan juga telah memberi nafas baharu kepada Pejabat
Pengurusan Transformasi (TMO) yang mana peranan utamanya
adalah untuk meningkatkan keputusan dengan menjejaki kemajuan
berbanding sasaran awal dan hasil. TMO juga akan bekerjasama erat
dengan pemilik perniagaan dan penggerak inisiatif bagi menyelesaikan
isu-isu kritikal dan menyediakan sokongan kepada bidang yang
memerlukan tindakan pembetulan.
Penambahbaikan Operasi. Dari sudut operasi, kami meneliti
beberapa bidang utama yang mempunyai impak besar terhadap
keuntungan. Dalam pengurusan kos huluan, kami menerima pakai
amalan pengurusan terbaik, mewujudkan kad skor peringkat ladang,
mempertingkatkan kemampuan penggredan dan mengoptimumkan
rangkaian kilang kami yang luas. Bidang lain turut meliputi
perdagangan, strategi pemerolehan dan penentuan harga dan
memaksimumkan potensi keupayaan R&D kami.
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CEOs Review
45
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CEOs Review
ACKNOWLEDGEMENTS
It goes without saying that the way to success is through our employees
and it has been my privilege to work with a great team. Our people are
the ultimate source of competitive advantage and in these challenging
times, our management and staff must be commended for their
professionalism, adaptability and dedication. I thank all of you.
Unquestionably that we have our work cut out for us. We are aware of
the challenges ahead, but we need to look upon these challenges as an
opportunity an opportunity to break away from traditional structures
that have out-lived its usefulness, embrace a more commerciallydriven approach that is more in sync with todays dynamic business
environment, develop innovative products and services, expand our
global foot-print and not least of all, an opportunity to create further
value for our shareholders.
These challenges will undoubtedly push the boundaries of our
capabilities, especially those of our human capital who will play a pivotal
role in shaping our corporate destiny. However, I am confident that these
very challenges will drive our people forward, working closely as a team
and creating innovative synergies in pursuit of a brighter future.
FGV is definitely on the cusp of a new and brighter future. Our people
have an important role to play in what could well be the making of one
of corporate Malaysias greatest success stories. We owe that to the
original settlers who brought us to where we are today. Most of all, we
owe it to ourselves.
Thank you.
47
PENGHARGAAN
Sememangnya diakui cara untuk mencapai kejayaan adalah melalui
warga kerja kami dan saya berbesar hati kerana berkesempatan
berkhidmat dengan pasukan yang hebat ini. Modal insan kami
adalah sumber utama kelebihan daya saingan dan dalam waktu yang
mencabar ini, pengurusan dan warga kerja kami patut dipuji atas sikap
profesionalisme, kebolehan menyesuaikan diri dan dedikasi mereka.
Saya mengucapkan terima kasih kepada anda sekalian.
Tidak syak lagi kita mampu mengharungi apa jua rintangan. Kita sedar
cabaran getir menanti di hadapan, tetapi kita perlu melihat cabaran ini
sebagai satu peluang iaitu peluang untuk berubah daripada struktur
tradisi yang semakin kurang berkesan, kepada pendekatan yang
lebih berdorongan komersial sesuai dengan persekitaran dinamik
perniagaan masa kini, membangunkan produk dan perkhidmatan
yang inovatif, meluaskan liputan di peringkat antarabangsa dan tidak
kurang pentingnya peluang untuk mencipta nilai seterusnya untuk para
pemegang saham kami.
Cabaran ini pasti akan mempertingkatkan sempadan keupayaan
kami, khususnya bagi modal insan yang akan memainkan peranan
utama dalam membentuk halatuju masa depan korporat kami. Walau
bagaimanapun, saya berasa yakin bahawa cabaran ini akan mendorong
sumber manusia kami bergerak ke hadapan, berganding bahu sebagai
sebuah pasukan dan mencipta sinergi inovatif bagi menikmati masa
depan yang lebih gemilang.
FGV kini berada di ambang masa depan baharu yang lebih gemilang.
Modal insan kami perlu memainkan peranan yang lebih besar dalam
melakar kejayaan bersejarah bagi salah sebuah korporat yang terunggul
di Malaysia. Kami terhutang budi kepada para peneroka asal yang
telah membolehkan kami berada pada kedudukan sekarang. Namun,
yang lebih utama kami juga merupakan sebahagian daripada kejayaan
tersebut.
Terima Kasih.
Efficiency
kecekapan
keberkesanan
Effectiveness
Innovatively
Creating
Distinctive
Growth
Through advanced technology,
we have bettered our processes,
ensuring we offer a wide
spectrum of agricultural
products, services and solutions;
a differentiating factor that sets
us apart in an environment of
increasingly intense competition.
Mencipta
Pertumbuhan
Tersendiri
Secara Inovatif
Kami berjaya mempertingkatkan
pelbagai proses kami melalui
kecanggihan teknologi,
membolehkan kami menawarkan
pelbagai rangkaian produk,
perkhidmatan dan penyelesaian
pertanian. Ini adalah faktor
yang membezakan kami dalam
persekitaran yang amat
berdaya saing.
50
Manusia
Program hubungan luar komuniti. Kami berusaha untuk memberi
sumbangan positif kepada komuniti di mana kami beroperasi dan
meninggalkan kesan yang positif dan berpanjangan. FGV menyumbang
2 peratus daripada keuntungan bersih tahunannya kepada Yayasan Felda
dan pada TK 2013 sumbangan Kumpulan adalah sebanyak RM19.6 juta.
Kegiatan bantuan amal difokus kepada bidang berikut: menyediakan
pendidikan berkualiti, menyediakan akses kepada rawatan dialisis buah
pinggang, pembiayaan penyelidikan dan projek pembangunan juga
peruntukan bantuan kebajikan.
Yayasan Felda turut membiayai dan mengendalikan empat buah kolej
bagi menggilap bakat anak-anak peneroka. Kolej tersebut menawarkan
kursus sijil atau diploma untuk menyediakan kumpulan lepasan sekolah
dengan kemahiran yang diperlukan untuk memasuki pasaran kerja.
Dalam dunia yang semakin menjurus ke arah globalisasi di mana Bahasa
Inggeris menjadi lingua franca dunia perniagaan antarabangsa, Pusat
Bahasa Inggeris Yayasan ini menawarkan kursus Bahasa Inggeris.
Program tersebut juga memberi manfaat kepada peneroka-peneroka
yang mengendalikan perniagaan inap desa sebagai penginapan alternatif
kepada para pelancong.
51
52
corporate social responsibility
Tanggungjawab SOSIAL Korporat
53
PLANET
The relationship between the human world and the earth that sustains
it has undergone a profound change. It has come to a point where the
human race must step up and collectively stop using up the earths
ecological capital. As the manager of one of the countrys largest land
banks, the Group takes its entrepreneurial responsibility toward the
environment seriously by developing and implementing environmental
management systems.
Protecting the natural environment. The commitment to sustainability
includes being good stewards of the environment. Our priorities
are the preservation and protection of waterways, enhancement of
riparian buffer zones, reducing our water footprint, reducing palm
oil mill effluent (POME) discharge and ensuring that the use of water
in our operations does not result in adverse impacts on other users.
In the implementation of the Groups Strategic Global Blueprint, our
acquisition of new land is guided by the Roundtable on Sustainable
Palm Oil (RSPO) Principles & Criteria on New Plantings Procedures.
We are resolved not to acquire land containing significant amounts of
peat or areas of high conservation values.
During the year, a desktop High Conservation Assessment (HCV)
was conducted, providing us with an overview of the diverse
biodiversity and ecosystems surrounding our plantations in Peninsular
Malaysia. Similar assessments will be conducted at our estates in
Sabah, Sarawak and Indonesia in 2014. The findings will enable us
to identify biodiversity conservation and protection priorities and
develop appropriate monitoring and management plans. In 2014, the
Sustainability Research Department will begin a study to identify the
water hotspots.
The Groups concern for the environment is shared by the settler
communities. In an endeavour jointly undertaken by the Forest
Research Institute Malaysia and the settlers of Felda Pasoh, trees
were planted in an oil palm plantation to form a green corridor linking
the Pasoh forest reserve with other nearby forested areas.
PLANET
Perhubungan antara kehidupan manusia dan bumi di mana mereka
tinggal telah melalui perubahan yang sangat ketara. Kini sampai
ketikanya di mana manusia perlu berusaha dan berpakat untuk berhenti
menggunakan unsur ekologi bumi. Sebagai pengurus salah satu simpanan
tanah terbesar negara ini, Kumpulan melaksanakan tanggungjawab
keusahawanannya dengan membangunkan dan melaksanakan sistem
pengurusan alam sekitarnya dengan lebih serius.
Melindungi alam sekitar. Komitmen terhadap kelestarian meliputi tekad
untuk menjadi penjaga alam sekitar yang baik. Keutamaan kami adalah
berhubung pemuliharaan dan perlindungan laluan air, peningkatan zon
penampan, mengurangkan jejak penggunaan air kami, mengurangkan
sisa buangan kilang minyak sawit (POME) dan memastikan supaya
penggunaan air dalam operasi kami tidak memberikan kesan negatif
terhadap pengguna lain. Dalam pelaksanaan Pelan Induk Global Strategik
Kumpulan, pembelian tanah-tanah baharu kami adalah mengikut
panduan Prinsip & Kriteria mengenai Prosedur Penanaman Baharu
oleh Rundingan Meja Bulat Kemampanan Minyak Sawit (RSPO). Kami
memutuskan untuk tidak membeli tanah yang mengandungi kawasan
gambut yang luas atau kawasan yang mempunyai nilai pemuliharaan yang
tinggi.
Pada tahun ini, satu Taksiran Pemuliharaan Tinggi (HCV) telah dijalankan
untuk memberi kami satu kefahaman tentang kepelbagaian bio dan eko
sistem di sekeliling ladang kami di Semenanjung Malaysia. Penilaian yang
serupa juga akan dijalankan di ladang-ladang kami di Sabah, Sarawak
dan Indonesia pada 2014. Penemuan daripada usaha tersebut akan
membolehkan kami mengenal pasti pemuliharaan dan perlindungan
kepelbagaian bio yang perlu diutamakan dan membangunkan rancangan
pemantauan dan pengurusan yang sesuai. Pada 2014, Bahagian
Penyelidikan Kelestarian akan memulakan kajian untuk mengenal pasti
kawasan air yang kritikal (water hotspots).
Sikap prihatin Kumpulan terhadap alam sekitar ini dikongsi oleh
masyarakat peneroka. Dalam usaha yang dijalankan secara bersama
dengan Institut Penyelidikan Hutan Malaysia, peneroka Felda Pasoh telah
menanam pokok di dalam ladang sawit mereka untuk membentuk koridor
hijau yang menghubungkan rizab hutan Pasoh dengan kawasan hutan
yang lain berhampirannya.
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corporate social responsibility
Tanggungjawab SOSIAL Korporat
55
PROFIT
The palm oil industry in Malaysia continues to be a significant
contributor to the local economy. In 2013, palm oil and its products
contributed RM63.2 billion (8.8 percent) to the countrys merchandise
export earnings. The industry remains as one of the sectors earmarked
for transforming Malaysia into a high income nation by 2020.
The raison dtre for our existence is making profit. Our business
model is designed to ensure the sustainability of our business well
into the future. The target has been set out in our Global Strategic
Blueprint where the goal is to grow our business eight-fold from now
until 2020. By making the right capital allocation decisions today, it is
an achievable goal.
The ultimate beneficiaries of the Groups success will be the nation and
our many stakeholders, including the Felda settlers. Under the Land
Lease Agreement, FGV pays approximately RM250 million to FELDA
annually in respect of the 355,864 hectares of land leased and additional
15 percent from operational profits of the estates. This provides a
consistent income for FELDA to defray its overheads in running settler
development programmes. FELDA received RM6 billion from the
FGV listing which is reinvested in various financial instruments. The
proceeds are utilised in the development of infrastructure and facilities
in FELDA schemes, entrepreneurial training and youth development
programmes. Finally, through the Settlers Trust Fund, dividend
payments on 20 percent of FELDA shares are distributed to 112,635
settlers. For FY 2013, this amounted to RM116.7 million, with each
settler receiving RM1,036.
CSR has become part of the FGV Groups long-term strategic direction.
While much has been accomplished, CSR is still very much a work in
progress. In a more complex and evolving environment, we need to
look at the gap.
KEUNTUNGAN (PROFIT)
Industri minyak sawit di Malaysia terus menjadi penyumbang penting
kepada ekonomi negara. Pada 2013, kelapa sawit dan produknya
menyumbangkan RM63.2 bilion (8.8 peratus) kepada pendapatan eksport
barangan negara. Industri ini terus menjadi salah satu sektor utama
untuk menukar Malaysia menjadi sebuah negara berpendapatan tinggi
menjelang 2020.
Matlamat kewujudan kami adalah untuk mencapai keuntungan. Model
perniagaan kami dirangka untuk memastikan kemampanan perniagaan
kami akan berterusan pada masa hadapan. Pelan Induk Strategik Global
menetapkan bahawa perniagaan kami akan mencapai pertumbuhan
lapan kali ganda dari sekarang hingga ke tahun 2020. Dengan membuat
keputusan peruntukan modal yang tepat pada hari ini, sasaran ini pasti
akan tercapai.
Kejayaan Kumpulan akan memberi manfaat terbesar kepada negara dan
pelbagai pemegang kepentingan kami, termasuk para peneroka Felda.
Di bawah Perjanjian Pajakan Tanah, FGV membayar sebanyak lebih
kurang RM250 juta dengan tambahan 15 peratus daripada keuntungan
ladang setiap tahun kepada FELDA bagi tanah yang dipajak seluas
355,864. Ini menyediakan pendapatan berpanjangan kepada FELDA
untuk menampung kos program pembangunan penerokanya. FELDA
menerima RM6 bilion daripada penyenaraian FGV yang dilaburkan semula
di dalam pelbagai instrumen kewangan. Kutipan tersebut digunakan
dalam pembangunan infrastruktur dan kemudahan di tanah rancangan
FELDA, program latihan keusahawanan dan latihan belia. Akhir sekali,
melalui Tabung Amanah Peneroka, pembayaran dividen sebanyak
20 peratus daripada saham FELDA diagihkan kepada 112,635 peneroka.
Bagi tahun 2013, pengagihan ini berjumlah RM116.7 juta, dengan setiap
peneroka menerima RM1,036.
Tidak syak lagi CSR merupakan sebahagian daripada hala tuju jangka
panjang Kumpulan FGV. Walaupun telah banyak yang berjaya dicapai,
namun masih banyak kerja dalam CSR yang sedang berlangsung. Di
dalam persekitaran yang lebih rumit dan semakin berubah, kami perlu
mengisi setiap kekurangan.
56
57
Media Highlights
Sorotan Media
58
Calendar of Events
2013
MARCH/MAC
APRIL/APRIL
Inauguration of the Biogas Power Plant Palm Oil Mill in Serting Hilir,
Negeri Sembilan on 12 April 2013
Perasmian Loji Janakuasa Biogas Kilang Sawit Serting Hilir, Negeri
Sembilan pada 12 April 2013
MAY/MEI
59
JUNE/JUN
JULY/JULAI
AUGUST/OGOS
60
CALENDAR OF EVENTS
2013
SEPTEMBER/SEPTEMBER
OCTOBER/OKTOBER
61
NOVEMBER/NOVEMBER
DECEMBER/DISEMBER
62
63
AWARDS
ANUGERAH
Malaysia Palm Oil Plantation Company of the Year - Frost & Sullivan
Malaysia Excellence Awards 2013 - Felda Global Ventures Holdings Berhad
Highly Commended Best Islamic Equity - The Asset Asian Awards 2013 Felda Global Ventures Holdings Berhad
The Best Brand in Oil Palm - Germinated Seed - The Brand Laureate
SMEs Signature Award 2013 - Felda Agricultural Services Sdn Bhd
MSOSH Occupational Safety & Health Award 2012 (Gold Class I Award)
for Unit Bahan Tanaman (Planting Materials Unit)
MSOSH Occupational Safety & Health Award 2012 (Gold Class II
Award) for Ladang Penyelidikan Kota Gelanggi 5/6 (Kota Gelanggi 5/6
Research Estate)
MSOSH Occupational Safety & Health Award 2012 (Silver Award) for
Felda Laboratory
Malaysia Society for Occupational Safety and Health
Felda Agricultural Services Sdn Bhd
Fast Moving Consumer Good (FMCG) - The Brand Laureate SMEs Signature Award
2013 - Delima Oil Products Sdn Bhd
Top Ten Exporters and Importers by Container Volume - Penang Port Sdn Bhd
(PPSB) - Malayan Sugar Manufacturing Co. Bhd
The Blue Ribbon Certificate - Malaysian Health Promotion Board (MySihat) Malayan Sugar Manufacturing Co. Bhd
CERTIFICATIONS
PENSIJILAN
OHSAS 18001:2007
- Kilang Gula Felda Perlis Sdn Bhd
MS 1722:2011
- Kilang Gula Felda Perlis Sdn Bhd
Resilience
ketahanan
keazaman
Determination
Strengthening
Growth As We Go
The Distance
Ever-evolving to take on new
challenges and opportunities,
we have set our sights towards
expanding regionally whilst
continuing to lead locally as we
make a significant impact in the
agro industry.
Mengukuhkan
Pertumbuhan
Sambil
Melangkah
Ke Hadapan
Kami sentiasa berusaha bagi
menghadapi cabaran dan meraih
peluang baharu. Justeru, kami
mensasar untuk meluaskan
operasi kami di peringkat
serantau sambil terus menjadi
peneraju di peringkat tempatan
dan mencetuskan impak besar
dalam industri agro.
66
Corporate Information
Maklumat Korporat
BOARD OF DIRECTORS
LEMBAGA PENGARAH
COMPANY SECRETARY
SETIAUSAHA SYARIKAT
Shahniza Anom Elias
(LS 0006472)
(Appointed on 2 September 2013)
(Dilantik pada 2 September 2013)
AUDITORS
JURUAUDIT
Messrs. PricewaterhouseCoopers
Chartered Accountants
Level 10, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50706 Kuala Lumpur
Malaysia
Tel
: +603 2173 1188
Fax Faks
: +603 2173 1288
Website Laman Web : www.pwc.com
SHARE REGISTRAR
PENDAFTAR SAHAM
Symphony Share Registrars Sdn Bhd
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor, Malaysia
Tel
: +603 7841 8000
Fax Faks : +603 7841 8151/8152
Help Desk : +603 7849 0777
Meja Bantuan
67
REGISTERED OFFICE
PEJABAT BERDAFTAR
Level 42, Menara Felda
Platinum Park
No. 11, Persiaran KLCC
50088 Kuala Lumpur
Malaysia.
Tel
: +603 2859 0000
Fax Faks : +603 2859 0016
68
Corporate STRUCTURE
Struktur Korporat
100%
100%
100%
50%
Trurich Resources
Sdn Bhd *
50%
95%
PT Citra Niaga Perkasa
100%
Twin Rivers
Technologies Holdings
Inc
100%
Twin Rivers Technologies Holdings
Entreprises de Transformation de
Graines Olagineuses du Qubec Inc
100%
Twin Rivers Technologies
Manufacturing
Corporation
Legend:
Petunjuk:
Jointly-Controlled
Entity Companies
Syarikat
Usahasama
* Group of Companies
100%
Twin Rivers Technologies Entreprises
de Transformation de Graines
Olagineuses du Qubec Inc
69
100%
100%
Felda Holdings Bhd
Felda Global
Ventures Sugar
Sdn Bhd
40%
MSM Malaysia
Holdings
Berhad
100% Kilang Gula
Felda Perlis
Sdn Bhd
100% Malayan Sugar
Manufacturing
Company Bhd
100%
11%
100%
Pontian United
Plantations Bhd *
76.9%
Felda Agricultural
Services Sdn Bhd
72.7%
Felda-Johore
Bulkers Sdn Bhd
72%
Felda Palm
Industries Sdn Bhd
71.4%
Felda Rubber
Industries Sdn Bhd
Felda Transport
Services Sdn Bhd
Astakonas
Sdn Bhd
51%
Other Businesses
Perniagaanperniagaan lain
Other Businesses
Perniagaanperniagaan lain
Other Businesses
Perniagaanperniagaan lain
70
BOARD OF DIRECTORS
LEMBAGA PENGARAH
Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
71
72
BOARD OF DIRECTORS
Lembaga Pengarah
YB Tan Sri Haji Mohd Isa Dato Haji Abdul Samad, aged 64, a Malaysian, was
appointed as Chairman and Non-Independent Non-Executive Director of FGV
on 1st January 2011. He graduated with a Bachelor in Arts from the University
of Malaya and began his career in politics in 1974 as the Deputy of the United
Malays National Organisation (UMNO) Youth of Teluk Kemang. He has held the
position of Chief of UMNO Youth Teluk Kemang, Chief of UMNO Teluk Kemang
(a position held until now), State Assemblyman of Linggi and Negeri Sembilan
State Executive Committee. He was previously the Chief Minister of Negeri
Sembilan from 1982 to 2004, Member of Parliament for Jempol, Minister of
Federal Territories and former Vice President of UMNO. He is currently the
Chairman of Federal Land Development Authority (FELDA), MSM Malaysia
Holdings Berhad, Felda Holdings Bhd and Pontian United Plantations Berhad.
He is also a Director of Negeri Sembilan Holdings Berhad, Amanah Saham
Negeri Sembilan Berhad and several companies within Felda Global Ventures
Group of Companies.
He attended 16 out of 19 Board Meetings held during the financial year under
review. He has no conflict of interest with the Company and does not have any
family relationship with any Director and/or major shareholder of the Company.
He has not been convicted for any offences within the past ten years.
YB Tan Sri Haji Mohd Isa Dato Haji Abdul Samad, berusia 64 tahun, warganegara
Malaysia, dilantik sebagai Pengerusi dan Pengarah Bukan Eksekutif Bukan
Bebas FGV pada 1hb Januari 2011. Beliau menamatkan pengajian Ijazah
Sarjana Muda Sastera daripada Universiti Malaya dan memulakan kerjaya
dalam bidang politik pada tahun 1974 sebagai Timbalan Ketua Pemuda
Pertubuhan Kebangsaan Melayu Bersatu (UMNO) Teluk Kemang. Beliau
pernah menjawat jawatan sebagai Ketua Pemuda UMNO Teluk Kemang,
Ketua UMNO Teluk Kemang (jawatan yang disandang sehingga sekarang), Ahli
Dewan Undangan Negeri Linggi dan Ahli Jawatankuasa Exco Negeri. Beliau
merupakan bekas Menteri Besar Negeri Sembilan dari tahun 1982 hingga
2004, Ahli Parlimen Jempol, Menteri Wilayah Persekutuan dan bekas Naib
Presiden UMNO. Kini, beliau merupakan Pengerusi Lembaga Kemajuan Tanah
Persekutuan (FELDA), MSM Malaysia Holdings Bhd, Felda Holdings Bhd dan
Pontian United Plantations Berhad. Beliau juga merupakan Pengarah Negeri
Sembilan Holdings Berhad, Amanah Saham Negeri Sembilan Berhad dan
beberapa syarikat di bawah Kumpulan Syarikat Felda Global Ventures.
Beliau menghadiri 16 daripada 19 Mesyuarat Lembaga Pengarah yang diadakan
pada tahun kewangan yang ditinjau. Beliau tidak mempunyai sebarang konflik
kepentingan dengan Syarikat dan tidak mempunyai sebarang hubungan
kekeluargaan dengan sebarang Pengarah dan/atau pemegang saham utama
Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam
tempoh sepuluh tahun lepas.
73
Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah, Malaysian, aged 61, was appointed
as Non-Independent Non-Executive Director of FGV on 12th August 2012 and was
re-designated as Independent Non-Executive Director on 24th April 2013. He is also
the Chairman of the Board Governance & Risk Management Committee and Board
Steering Committee for the Fund Raising Exercise and also a member of the Steering
Committee for Project MI. He holds a Bachelor of Economics (Honours) Degree
in Applied Economics from University of Malaya and a Masters of Philosophy in
Development Studies from the Institute of Development Studies, University of Sussex,
United Kingdom (UK). He obtained a Ph.D. in Economics from School of Business
and Economic Studies, University of Leeds, UK. In 2004, he attended the Advanced
Management Programme at Harvard Business School, Harvard University. He began
his career in the Administrative and Diplomatic Service as Assistant Director, Economic
Planning Unit (EPU) in the Prime Ministers Department in 1975. He was later promoted
to the position of Senior Assistant Director, Macro-Economics in 1984, Senior Assistant
Director, Human Resource Section and Director, Energy Section in 1988. In the same
year, he was seconded to the World Bank Group in Washington DC, United States
of America as Alternate Executive Director. He then served the Ministry of Finance
(MOF) as Deputy Secretary in the Economics and International Division in 2001. He
later returned to EPU in the Prime Ministers Department as Deputy Director General,
Macro Planning Division, in 2004. In 2005, he was appointed Deputy Secretary General
of Treasury (Policy), MOF and later on as the Secretary General of Treasury, MOF, a
position he held until August 2012. He is currently the Chairman of Malaysia Airports
Holdings Berhad, Bank Pembangunan Malaysia Berhad and Syarikat Jaminan Kredit
Perumahan Berhad. He currently sits on the boards of Permodalan Nasional Berhad,
Sime Darby Berhad, RAM Holdings Berhad and also sits as a Board member of a
subsidiary within Felda Global Ventures Group of Companies.
He attended 16 out of 19 Board Meetings held during the financial year under review. He
has no conflict of interest with the Company and does not have any family relationship
with any Director and/or major shareholder of the Company. He has not been convicted
for any offences within the past ten years.
Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah, berusia 61 tahun, warganegara
Malaysia, dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas FGV pada 12hb Ogos
2012 dan dilantik semula sebagai Pengarah Bukan Eksekutif Bebas pada 24hb April
2013. Beliau juga merupakan Pengerusi Jawatankuasa Tadbir Urus & Pengurusan Risiko
Lembaga Pengarah dan Jawatankuasa Pemandu Lembaga Pengarah bagi Langkah
Pengumpulan Dana dan juga ahli Jawatankuasa Pemandu bagi Projek MI. Beliau
memiliki Ijazah Sarjana Muda Ekonomi (Kepujian) dalam Ekonomi Gunaan daripada
Universiti Malaya dan Ijazah Sarjana Falsafah dalam bidang Kajian Pembangunan
daripada Institute of Development Studies, University of Sussex, United Kingdom (UK).
Beliau memperoleh ijazah Ph.D. dalam bidang ekonomi daripada School of Business and
Economic Sudies, University of Leeds, UK. Pada tahun 2004, beliau mengikuti Program
Pengurusan Lanjutan di Harvard Business School, Harvard University. Beliau memulakan
kerjaya dalam Perkhidmatan Tadbir dan Diplomatik sebagai Penolong Pengarah, Unit
Perancang Ekonomi (EPU) di Jabatan Perdana Menteri pada tahun 1975. Selepas itu,
beliau dinaikkan pangkat ke jawatan Penolong Pengarah Kanan, Ekonomi Makro pada
tahun 1984, Penolong Pengarah Kanan, Seksyen Sumber Manusia dan Pengarah,
Seksyen Tenaga pada tahun 1988. Pada tahun yang sama, beliau dipinjamnkan ke
Kumpulan Bank Dunia di Washington DC, Amerika Syarikat sebagai Pengarah Eksekutif
Gantian. Kemudian beliau berkhidmat di Kementerian Kewangan (MOF) sebagai Timbalan
Setiausaha di Bahagian Ekonomi dan Antarabangsa pada tahun 2001. Selepas itu, beliau
kembali semula ke EPU di Jabatan Perdana Menteri sebagai Timbalan Ketua Pengarah,
Bahagian Perancangan Makro pada tahun 2004. Pada tahun 2005, beliau dilantik sebagai
Timbalan Ketua Setiausaha Perbendaharaan (Dasar), MOF dan kemudian sebagai Ketua
Setiausaha Perbendaharaan MOF, jawatan yang beliau sandang sehingga bulan Ogos
2012. Sekarang beliau merupakan Pengerusi Malaysia Airports Holdings Berhad, Bank
Pembangunan Malaysia Berhad dan Syarikat Jaminan Kredit Perumahan Berhad. Beliau
juga adalah lembaga pengarah Permodalan Nasional Berhad, Sime Darby Berhad, RAM
Holdings Berhad dan ahli Lembaga Pengarah sebuah anak syarikat di bawah Kumpulan
Syarikat Felda Global Ventures.
Beliau menghadiri 16 daripada 19 Mesyuarat Lembaga Pengarah yang diadakan pada
tahun kewangan yang ditinjau. Beliau tidak mempunyai sebarang konflik kepentingan
dengan Syarikat dan tidak mempunyai sebarang hubungan kekeluargaan dengan
sebarang Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah
disabitkan dengan sebarang kesalahan dalam tempoh sepuluh tahun lepas.
74
BOARD OF DIRECTORS
Lembaga Pengarah
Datuk Dr. Omar Salim, aged 56, a Malaysian, was appointed to the Board as a
Non-Independent Non-Executive Director on 27th September 2010. He is the
Chairman of the Investment Committee and a member of the Audit Committee
and Nomination and Remuneration Committee. He graduated with a Bachelor
in Arts from the University of Malaya in 1981 and obtained his Diploma in Public
Administration and Diploma in Management Science both from the National
Institute of Public Administration (INTAN) in 1982 and 1990, respectively.
He further pursued his Master of Business Administration from University
of Birmingham, United Kingdom in 1995 and his Doctorate in Business
Administration from Universiti Kebangsaan Malaysia in 2004. He started his
career in 1983 with the Public Services Commission as Assistant Secretary.
He then moved to the Prime Ministers Office and was appointed as Assistant
Director in Public Services Department. He was previously the Assistant
Secretary at Kawal Selia Telekom, a Director of Malaysia Administrative
Modernisation and Management Planning Unit (MAMPU), the Deputy Secretary
in the Finance Ministry and a Director in the Internal Audit and Inspection at
Malaysia Maritime Enforcement Agency. He is currently the Head of Unit in Unit
Kawal Selia FELDA of the Prime Ministers Department. He is also a Director
of Federal Land Development Authority (FELDA) and several companies within
Felda Global Ventures Group of Companies.
He attended all 19 Board Meetings held during the financial year under review.
He has no conflict of interest with the Company and does not have any family
relationship with any Director and/or major shareholder of the Company. He
has not been convicted for any offences within the past ten years.
Datuk Dr. Omar Salim, berusia 56 tahun, warganegara Malaysia, dilantik
sebagai Pengarah Bukan Eksekutif Bukan Bebas pada 27hb September 2010.
Beliau merupakan Pengerusi Jawatankuasa Pelaburan dan ahli Jawatankuasa
Audit serta Jawatankuasa Pencalonan dan Imbuhan. Beliau menamatkan
pengajian Ijazah Sarjana Muda Sastera daripada Universiti Malaya pada tahun
1981 dan memperoleh Diploma Pentadbiran Awam pada tahun 1982, diikuti
dengan Diploma Sains Pengurusan pada tahun 1990, kedua-duanya daripada
Institut Tadbiran Awam Negara (INTAN). Pada tahun 1995, beliau melanjutkan
pengajian Ijazah Sarjana Pentadbiran Perniagaan di University of Birmingham,
United Kingdom dan Ijazah Doktor Falsafah dalam Pentadbiran Perniagaan
di Universiti Kebangsaan Malaysia pada tahun 2004. Beliau memulakan
kerjaya bersama Suruhanjaya Perkhidmatan Awam sebagai Penolong
Setiausaha pada tahun 1983. Kemudian beliau berpindah ke Pejabat Perdana
Menteri dan dilantik sebagai Penolong Pengarah di Jabatan Perkhidmatan
Awam. Sebelum ini, beliau pernah menyandang jawatan sebagai Penolong
Setiausaha di Kawal Selia Telekom, Pengarah Unit Pemodenan Tadbiran
dan Perancangan Pengurusan Malaysia (MAMPU), Timbalan Setiausaha di
Kementerian Kewangan dan Pengarah di Audit Dalaman dan Pemeriksaan
di Agensi Penguatkuasa Maritim Malaysia. Kini beliau merupakan Ketua di
Unit Kawal Selia FELDA, Jabatan Perdana Menteri. Beliau juga merupakan
Pengarah Lembaga Kemajuan Tanah Persekutuan (FELDA) dan beberapa
syarikat di bawah Kumpulan Syarikat Felda Global Ventures.
Beliau menghadiri kesemua 19 Mesyuarat Lembaga Pengarah yang diadakan
pada tahun kewangan yang ditinjau. Beliau tidak mempunyai sebarang konflik
kepentingan dengan Syarikat dan tidak mempunyai sebarang hubungan
kekeluargaan dengan sebarang Pengarah dan/atau pemegang saham utama
Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam
tempoh sepuluh tahun lepas.
75
Dato Yahaya Abd Jabar, aged 61, a Malaysian, was appointed to the Board
on 18th January 2012. He was then appointed as Senior Independent NonExecutive Director on 12th October 2012. He is also the Chairman of the
Nomination and Remuneration Committee and Steering Committee for Project
MI and also a member of the Audit Committee, Board Governance & Risk
Management Committee and Investment Committee. He graduated with a
Bachelor of Arts (Honours) in International Relations from the University of
Malaya in 1975. He began his career in the Ministry of Foreign Affairs in 1975
with the Administrative and Diplomatic Service of Malaysia. While abroad he
served in a number of Malaysian Missions including in Saudi Arabia, Indonesia,
Italy and Thailand and became an Ambassador in 1999. He was previously
the Ambassador to Uzbekistan, the High Commissioner to South Africa,
Mozambique, Botswana, Lesotho, Swaziland and Madagascar, the Alternate
Member of the Malaysian delegation to the 56th General Assembly of the United
Nations in New York, the Chief Protocol at the Ministry of Foreign Affairs and
the Ambassador of Malaysia to the United Arab Emirates. He retired from the
Diplomatic Service of Malaysia on 25th December 2011 after spending 36 years
in various positions, both in and outside of Malaysia.
He attended 17 out of 19 Board Meetings of the Company during the financial
year under review. He has no conflict of interest with the Company and does not
have any family relationship with any Director and/or major shareholder of the
Company. He has not been convicted for any offences within the past ten years.
Dato Yahaya Abd Jabar, berusia 61 tahun, warganegara Malaysia dilantik
sebagai Pengarah pada 18hb Januari 2012. Selepas itu, beliau dilantik sebagai
Pengarah Kanan Bebas Bukan Eksekutif pada 12hb Oktober 2012. Beliau
juga merupakan Pengerusi Jawatankuasa Pencalonan dan Imbuhan dan
Jawatankuasa Pemandu bagi Projek MI serta ahli Jawatankuasa Audit,
Jawatankuasa Tadbir Urus & Pengurusan Risiko Lembaga Pengarah dan
Jawatankuasa Pelaburan. Beliau memiliki Ijazah Sarjana Muda Sastera
(Kepujian) dalam Perhubungan Antarabangsa daripada Universiti Malaya pada
tahun 1975. Beliau memulakan kerjaya sebagai pegawai Perkhidmatan Tadbir
dan Diplomatik Malaysia di Kementerian Luar pada tahun 1975. Di luar negara,
beliau berkhidmat di beberapa Pejabat Kedutaan Malaysia termasuk di Arab
Saudi, Indonesia, Itali dan Thailand dan menjadi Duta pada tahun 1999. Beliau
pernah menjadi Duta ke Uzbekistan, Pesuruhjaya Tinggi ke Afrika Selatan,
Mozambique, Botswana, Lesotho, Swaziland dan Madagascar, Ahli Gantian
delegasi Malaysia ke Perhimpunan Agung ke-56 Pertubuhan Bangsa-bangsa
Bersatu di New York, Ketua Protokol di Kementerian Luar dan Duta Malaysia
ke Emeriah Arab Bersatu. Beliau bersara daripada Perkhidmatan Tadbir dan
Diplomatik Malaysia pada 25hb Disember 2011 selepas berkhidmat selama 36
tahun dalam pelbagai jawatan, di dalam mahupun di luar Malaysia.
Beliau menghadiri 17 daripada 19 Mesyuarat Lembaga Pengarah yang diadakan
pada tahun kewangan yang ditinjau. Beliau tidak mempunyai sebarang konflik
kepentingan dengan Syarikat dan tidak mempunyai sebarang hubungan
kekeluargaan dengan sebarang Pengarah dan/atau pemegang saham utama
Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam
tempoh sepuluh tahun lepas.
76
BOARD OF DIRECTORS
Lembaga Pengarah
Dato Paduka Ismee Ismail, aged 49, a Malaysian, was appointed as a NonIndependent Non-Executive Director of FGV on 25th July 2012 and was redesignated as Independent Non-Executive Director on 24th April 2013. He is
also a member of the Audit Committee and a member of the Board Steering
Committee for the Fund Raising Exercise and Steering Committee for Project MI.
He is a Fellow Member of the Chartered Institute of Management Accountants
(CIMA) and a member of the Malaysian Institute of Accountants (MIA). He
began his career as a Management Accountant in Arab Malaysian Development
Berhad in 1987. Subsequently, he joined Shell Group of Companies in Malaysia
and held various positions including the Head of Forex and Banking of Shell
Malaysia Ltd. and the Group Accountant of Shell Malaysia Trading Sdn. Bhd.
He then returned to Arab Malaysian Development Berhad as the General
Manager, before joining Pengurusan Danaharta Nasional Berhad as its Chief
Accountant/Treasurer. He also held various positions including Senior VicePresident, Medical Online (M) Sdn Bhd; Senior General Manager (Finance),
Lembaga Tabung Haji and Chief Executive Officer, ECM Libra Securities Sdn
Bhd. Currently, he is the Group Managing Director and Chief Executive Officer
of Lembaga Tabung Haji. He is also the Chairman of Syarikat Takaful Malaysia
Berhad and a Director of BIMB Holdings Berhad, TH Plantations Berhad, Bank
Islam Malaysia Berhad and 1Malaysia Development Berhad.
He attended 11 out 19 Board Meetings of the Company held during the financial
year under review. He has no conflict of interest with the Company and does not
have any family relationship with any Director and/or major shareholder of the
Company. He has not been convicted for any offences within the past ten years.
Dato Paduka Ismee Ismail, 49 tahun, warganegara Malaysia, dilantik sebagai
Pengarah Bukan Eksekutif Bukan Bebas FGV pada 25hb Julai 2012 dan dilantik
semula sebagai Pengarah Bukan Eksekutif Bebas pada 24hb April 2013.
Beliau juga merupakan ahli Jawatankuasa Audit dan Jawatankuasa Pemandu
Lembaga Pengarah bagi Langkah Pengumpulan Dana dan Jawatankuasa
Pemandu bagi Projek MI. Beliau adalah seorang Fellow Chartered Institute of
Management Accountants (CIMA) dan ahli Institut Akauntan Malaysia (MIA).
Beliau memulakan kerjaya sebagai Akauntan Pengurusan di Arab Malaysian
Development Berhad pada tahun 1987. Selepas itu, beliau menyertai Kumpulan
Syarikat Shell di Malaysia dan menyandang pelbagai jawatan termasuk
Ketua Forex dan Perbankan Shell Malaysia Ltd. dan Akauntan Kumpulan
Shell Malaysia Trading Sdn. Bhd. Beliau kembali semula ke Arab Malaysian
Development Berhad sebagai Pengurus Besar sebelum menyertai Pengurusan
Danaharta Nasional Berhad sebagai Ketua Akauntan/ Bendahari. Beliau
pernah menyandang pelbagai jawatan kanan termasuk sebagai Naib Presiden
Kanan, Medical Online (M) Sdn Bhd; Pengurus Besar Kanan (Kewangan),
Lembaga Tabung Haji dan Ketua Pegawai Eksekutif ECM Libra Securities Sdn
Bhd. Kini, beliau merupakan Pengarah Urusan Kumpulan dan Ketua Pegawai
Eksekutif Lembaga Tabung Haji. Beliau juga merupakan Pengerusi Syarikat
Takaful Malaysia Berhad dan Pengarah BIMB Holdings Berhad, TH Plantations
Berhad, Bank Islam Malaysia Berhad dan 1Malaysia Development Berhad
.
Beliau menghadiri 11 daripada 19 Mesyuarat Lembaga Pengarah yang diadakan
pada tahun kewangan yang ditinjau. Beliau tidak mempunyai sebarang konflik
kepentingan dengan Syarikat dan tidak mempunyai sebarang hubungan
kekeluargaan dengan sebarang Pengarah dan/atau pemegang saham utama
Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam
tempoh sepuluh tahun lepas.
77
Mohd Emir Mavani Abdullah, aged 50, a Malaysian, was appointed to the Board on
1st January 2012 as a Non-Independent Non-Executive Director and subsequently
appointed as Chief Executive Officer Designate of FGV on 1st January 2013 and redesignated as Non-Independent Executive Director. On 15th July 2013, he was redesignated as Group President/Chief Executive Officer of FGV. He is also a member
of the Board Governance & Risk Management Committee and Steering Committee
for Project MI. He graduated with a Chemistry Degree from Universiti Kebangsaan
Malaysia in 1987 and obtained his Masters of Engineering Management from Warwick
University, United Kingdom in 2000. He had completed various executive education
programmes in institutions such as Harvard and Yale in 2002 and 2003, respectively.
He is a leading expert in economic and government administration reform in the Middle
East and Asia for the past 20 years. He was previously the Senior Advisor to the United
Nations Development Program on various projects in the Middle East and North Africa
region between 1998 to 2004, the Coordinator for Good Governance of Organization for
Economic Cooperation and Development for the Arab region between 2002 to 2004, the
Advisor to the Minister of Finance in the United Arab Emirates from 2002 to 2007 and
the Strategic Advisor to the Executive Council of Abu Dhabi for the period of 2008 to
2010. Prior to his current position, he was a Director in charge of National Key Economic
Areas (NKEA), Performance Management and Delivery Unit (PEMANDU), in the Prime
Ministers Department and also a Chief Executive Officer of Malaysia Petroleum
Resource Corporation, the Prime Ministers Department and a Director of Malaysia
Nuclear Power Corporation. He is a director of Australia Agricultural Company Limited,
a Public Company listed on Australia Stock Exchange. He is currently a Director of MSM
Malaysia Holdings Berhad, Felda Holdings Bhd (Managing Director), Pontian United
Plantations Berhad (Managing Director), Federal Land Development Authority (FELDA)
and a Director of several companies within Felda Global Ventures Group of Companies.
He attended all 19 Board Meetings held during the financial year under review. He has
no conflict of interest with the Company and does not have any family relationship with
any Director and/or major shareholder of the Company. He has not been convicted for
any offences within the past ten years.
Mohd Emir Mavani Abdullah, berusia 50 tahun, warganegara Malaysia, dilantik sebagai
Pengarah pada 1hb Januari 2012 sebagai Pengarah Bukan Eksekutif Bukan Bebas dan
selepas itu dilantik sebagai Ketua Pegawai Eksekutif Dilantik FGV pada 1hb Januari
2013 dan dilantik semula sebagai Pengarah Eksekutif Bukan Bebas. Pada 15hb Julai
2013, beliau dilantik semula sebagai Presiden/Ketua Pegawai Eksekutif Kumpulan FGV.
Beliau juga merupakan ahli Jawatankuasa Tadbir Urus & Pengurusan Risiko Lembaga
Pengarah dan Jawatankuasa Pemandu bagi Projek MI. Beliau menamatkan pengajian
Ijazah Kimia daripada Universiti Kebangsaan Malaysia pada tahun 1987 dan memperoleh
Ijazah Sarjana Pengurusan Kejuruteraan daripada Warwick University, United Kingdom
pada tahun 2000. Beliau pernah mengikuti beberapa program pendidikan eksekutif
di institusi seperti Harvard pada tahun 2002 dan Yale pada tahun 2003. Sepanjang 20
tahun lepas, beliau dikenali sebagai seorang pakar terkemuka dalam pembaharuan
ekonomi dan pentadbiran kerajaan di Timur Tengah dan Asia. Sebelum ini, beliau
merupakan Penasihat Kanan kepada Program Pembangunan Bangsa-bangsa Bersatu
dalam pelbagai projek di Timur Tengah dan wilayah Afrika Utara antara tahun 1998
hingga 2004, Penyelaras Tadbir Urus Baik bagi Pertubuhan Kerjasama Ekonomi dan
Pembangunan bagi rantau Arab antara tahun 2002 hingga 2004 dan Penasihat Strategik
kepada Majlis Eksekutif Abu Dhabi bagi tempoh dari tahun 2008 hingga 2010. Sebelum
menyandang jawatan sekarang, beliau adalah Pengarah Bidang Ekonomi Utama Negara
(NKEA), Unit Pengurusan Prestasi dan Pelaksanaan (PEMANDU), di Jabatan Perdana
Menteri dan juga Ketua Pegawai Eksekutif Perbadanan Sumber Petroleum Malaysia di
Jabatan Perdana Menteri dan Pengarah Perbadanan Kuasa Nuklear Malaysia. Beliau
juga adalah pengarah Australia Agricultural Company Limited, sebuah syarikat senarai
awam di Bursa Saham Australia. Kini beliau adalah Pengarah MSM Malaysia Holdings
Berhad, Felda Holdings Bhd (Pengarah Urusan), Pontian United Plantations Berhad
(Pengarah Urusan), Lembaga Kemajuan Tanah Persekutuan (FELDA) dan Pengarah
beberapa syarikat di bawah Kumpulan Syarikat Felda Global Ventures.
Beliau menghadiri kesemua 19 Mesyuarat Lembaga Pengarah yang diadakan pada
tahun kewangan yang ditinjau. Beliau tidak mempunyai sebarang konflik kepentingan
dengan Syarikat dan tidak mempunyai sebarang hubungan kekeluargaan dengan
sebarang Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah
disabitkan dengan sebarang kesalahan dalam tempoh sepuluh tahun lepas.
78
BOARD OF DIRECTORS
Lembaga Pengarah
Datuk Nozirah Bahari, Malaysian, aged 59, was appointed as an Alternate Director to Tan
Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah on 16th January 2013 and subsequently
resigned on 16th July 2013. She was then appointed as Non-Independent Non-Executive
Director on 16th July 2013. She is also a member of the Board Steering Committee for
the Fund Raising Exercise. She obtained her Bachelors Degree in Social Science (Urban
Studies) from University of Science Malaysia and holds a Diploma in Public Administration,
Institute of Public Administration (INTAN). She has also attended several Senior
Management Courses such as Global Leadership Development Programme organised by
the International Centre for Leadership in Finance and Advanced Management Training
in Harvard Business School. She has over 30 years of service in the Malaysian Civil
Service starting as Assistant Secretary, Finance Division in the Ministry of Finance before
appointed in her current position. Among other positions she has held were Deputy Under
Secretary, Procurement and Supplies Division (2002-2004), Deputy Under Secretary, Loan
Management, Financial Market and Actuary Division (2005-2007), Under Secretary, Loan
Management, Financial Market and Actuary Division (2007-2011) and Director of Budget
Management Division (21 March-20 May 2011) in the Ministry of Finance. She has also
served in various other Ministries including the Ministry of Health, Ministry of Agriculture
as well as Director of Modernization and Management Planning Unit (MAMPU) Sabah
and Deputy Finance Officer of Treasury Sabah. She is currently the Deputy Secretary
General (Management) in the Ministry of Finance. Prior to this she was the Director of the
Budget Management Division in the Ministry of Finance. She is also currently a Director of
Proton Holdings Berhad, Tenaga Nasional Berhad, Bank Pembangunan Malaysia Berhad,
1Malaysia Global Sukuk Berhad and Felda Holdings Bhd.
She attended 8 out of 9 Board Meetings of the Company held during the finacial year
under review since her appointment as Director. She has no conflict of interest with
the Company and does not have any family relationship with any Director and/or major
shareholder of the Company. She has not been convicted for any offences within the past
ten years.
Datuk Nozirah Bahari, warganegara Malaysia, berusia 59 tahun, dilantik sebagai Pengarah
Gantian kepada Tan Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah pada 16hb Januari 2013
dan selepas itu meletakkan jawatan pada 16hb Julai 2013. Beliau kemudian dilantik sebagai
Pengarah Bukan Eksekutif Bukan Bebas pada 16hb Julai 2013. Beliau juga merupakan
ahli Jawatankuasa Pemandu Lembaga Pengarah bagi Langkah Pengumpulan Dana.
Beliau memperoleh Ijazah Sarjana Muda Sains Sosial (Kajian Bandar) daripada Universiti
Sains Malaysia dan memegang Diploma Pentadbiran Awam daripada Institut Tadbiran
Awam Negara (INTAN). Beliau juga pernah menyertai beberapa Kursus Pengurusan
Kanan seperti Program Pembangunan Kepimpinan Global anjuran International Centre
for Leadership in Finance and Advanced Management Training di Harvard Business
School. Beliau telah berkhidmat selama lebih 30 tahun dalam Perkhidmatan Awam
Malaysia; bermula sebagai Penolong Setiausaha, Bahagian Kewangan di Kementerian
Kewangan sebelum dilantik ke jawatan sekarang. Antara jawatan lain yang beliau pernah
sandang ialah Timbalan Setiausaha Bahagian, Bahagian Bekalan dan Pemerolehan
(2002-2004), Timbalan Setiausaha Bahagian, Bahagian Pengurusan Pinjaman, Pasaran
Kewangan dan Bahagian Aktuari (2007-2011) dan Pengarah Bahagian Pengurusan Bajet
(21 Mac-20 Mei 2011) di Kementerian Kewangan. Beliau juga pernah berkhidmat di
beberapa Kementerian lain termasuk Kementerian Kesihatan, Kementerian Pertanian
dan juga Pengarah Unit Pemodenan Tadbiran dan Perancangan Pengurusan (MAMPU)
Sabah dan Timbalan Pegawai Kewangan Perbendaharaan Sabah. Kini, beliau merupakan
Timbalan Ketua Setiausaha (Pengurusan) di Kementerian Kewangan. Jawatan yang
beliau sandang sebelum ini adalah Pengarah Bahagian Pengurusan Belanjawan di
Kementerian Kewangan. Beliau kini adalah Pengarah Proton Holdings Berhad, Tenaga
Nasional Berhad, Bank Pembangunan Malaysia Berhad, 1Malaysia Global Sukuk Berhad
dan Felda Holdings Bhd.
Beliau menghadiri 8 daripada 9 Mesyuarat Lembaga Pengarah yang diadakan pada
tahun kewangan yang ditinjau semenjak pelantikan beliau sebagai Pengarah. Beliau
tidak mempunyai sebarang konflik kepentingan dengan Syarikat dan tidak mempunyai
sebarang hubungan kekeluargaan dengan sebarang Pengarah dan/atau pemegang
saham utama Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam
tempoh sepuluh tahun lepas.
79
80
BOARD OF DIRECTORS
Lembaga Pengarah
Tan Sri Dr. Sulaiman Mahbob, age 65, a Malaysian, was appointed to the Board on 15 March
2014 as Independent Non-Executive Director of FGV. He is also a member of the Board
Governance & Risk Management Committee. He graduated with a Degree in Economics at
the University of Malaya in 1971. He then obtained his Master of Science from University of
London in 1977 and Ph.D at the Maxwell School of Citizenship and Public Affairs at Syracuse
University, New York in 1986. He also attended a course on World Currency reform at Havard
University in 1999. He was conferred Honorary Doctorate in Economic Management by
Universiti Kebangsaan Malaysia in October, 2013. He is a former civil servant and has served
the Malaysian Government for over 38 years, beginning in 1971. During the course of his
civil service career, he served various ministries and departments, including the Ministry
of Finance, Ministry of Domestic Trade and Consumer Affairs, and the National Economic
Action Council (NEAC), the latter during the East Asian financial crisis of 1997/1998. His
last position was Director General of the Economic Planning Unit (2006-2009) of the Prime
Ministers Department. He has also served at the Institute of Integrity Malaysia (IIM), as its
first founding President. During his tenure at the IIM (2004-2005) he established several
work programmes to promote a culture of ethics and integrity within the public sector
and also in the private sector in line with the Governments National Integrity Plan. He was
previously on the Board of National Petroleum Corporation (PETRONAS), Federal Land
Development Authority (FELDA) and the Companies Commission of Malaysia (of which he
was the first Chairman). He now teaches economics and public policy as Adjunct Professor
at the University of Malaya, and at Universiti Tun Abdul Razak and often contributes articles
to the local media on the topics of economy, development, and public finance. He is currently
a Director of Minority Shareholder Watchdog Group (MSWG) and is a member of the Board
of several institutions including Bank Negara Malaysia, Malaysian Institute of Economic
Research (MIER), Institute of Strategic and International Studies (ISIS) and Jambatan Kedua
Sdn Bhd, the latter being a company owned by the Ministry of Finance, which is given the task
of implementing the Penang second bridge. He also sits on the Board of a subsidiary within
Felda Global Ventures Group of Companies.
He has no conflict of interest with the Company and does not have any family relationship with
any Director and/or major shareholder of the Company. He has not been convicted for any
offences within the past ten years.
Tan Sri Dr. Sulaiman Mahbob, berusia 65 tahun, warganegara Malaysia, dilantik sebagai
Pengarah Bukan Eksekutif Bebas FGV pada 15hb Mac 2014. Beliau merupakan ahli
Jawatankuasa Tadbir Urus & Pengurusan Risiko Lembaga Pengarah. Beliau menamatkan
pengajian Ijazah Sarjana Muda Ekonomi daripada Universiti Malaya pada tahun 1971. Selepas
itu, beliau memperoleh Ijazah Sarjana Sains daripada University of London pada tahun 1977
dan Ph.D di Maxwell School of Citizenship and Public Affairs di Syracuse University, New York
pada tahun 1986. Beliau pernah mengikuti kursus pembaharuan Matawang Dunia di Harvard
University pada tahun 1999. Beliau dianugerahkan Ijazah Doktor Kehormat Pengurusan
Ekonomi daripada Universiti Kebangsaan Malaysia pada bulan Oktober 2013. Beliau adalah
bekas penjawat awam dan telah berkhidmat dengan Kerajaan selama lebih 38 tahun
semenjak 1971. Sepanjang berkhidmat sebagai penjawat awam beliau telah berkhidmat
dengan pelbagai kementerian dan jabatan; termasuk Kementerian Kewangan, Kementerian
Perdagangan Dalam Negeri dan Hal Ehwal Pengguna dan Majlis Tindakan Ekonomi Negara
(MTEN), jawatan terakhir ketika berlaku krisis kewangan Asia Tenggara 1997/1998. Jawatan
terakhir beliau adalah sebagai Ketua Pengarah Unit Perancang Ekonomi (2006-2009),
Jabatan Perdana Menteri. Beliau juga pernah berkhidmat di Institut Integriti Malaysia (IIM)
sebagai Presiden Pengasasnya. Sepanjang berkhidmat di IIM (2004-2005), beliau telah
menubuhkan beberapa program kerja untuk menggalakkan budaya etika dan integriti
dalam sektor awam dan sektor swasta, selaras dengan Pelan Integriti Nasional Kerajaan.
Sebelum ini, beliau pernah menganggotai lembaga pengarah Perbadanan Petroleum
Nasional (PETRONAS), Lembaga Kemajuan Tanah Persekutuan (FELDA) dan Suruhanjaya
Syarikat Malaysia (di mana beliau adalah Pengerusi pertamanya). Kini beliau mengajar
ekonomi dan dasar awam sebagai Profesor Adjung di Universiti Malaya dan Universiti Tun
Abdul Razak dan sering menyumbang rencana berkenaan topik ekonomi, pembangunan
dan kewangan awam di media tempatan. Kini beliau adalah Pengarah Kumpulan Pemantau
Pemegang Saham Minoriti (MSWG) dan ahli Lembaga Pengarah beberapa institusi termasuk
Bank Negara Malaysia, Institut Penyelidikan Ekonomi Malaysia (MIER), Institut Kajian
Strategik dan Antarabangsa (ISIS) dan Jambatan Kedua Sdn Bhd, syarikat yang dimiliki oleh
Kementerian Kewangan, yang diberikan tugas melaksanakan pembinaan jambatan kedua
Pulau Pinang. Beliau juga adalah ahli Lembaga Pengarah sebuah anak syarikat di bawah
Kumpulan Syarikat Felda Global Ventures.
Beliau tidak mempunyai sebarang konflik kepentingan dengan Syarikat dan tidak mempunyai
sebarang hubungan kekeluargaan dengan sebarang Pengarah dan/atau pemegang saham
utama Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh
sepuluh tahun lepas.
81
Datuk Dr. Salmiah Ahmad, a Malaysian, aged 58, was appointed to the Board
on 15 March 2014 as Independent Non-Executive Director of FGV. She holds
a Bachelor and Master of Science in Organic Chemistry from Northern Illinois
University, United States of America. She received her Ph.D from Imperial
College London, United Kingdom in Chemical Physics. She also holds an
Executive Master of Business Administration from the Asean Executive
Institute of Management, Manila, Philippines. She is the Director General of
the Malaysian Rubber Board (MRB) since 9 February 2010 and was the first
woman to hold that position. Prior to assuming this position, she has held the
position of Deputy Director General of Services at Malaysian Palm Oil Board
(MPOB) and has 27 years of experience in MPOB. In addition to her expertise in
organic chemistry, she also has vast experience in the operational and policy
sector, which proves vital to help lift MRB to greater heights. Her leadership
qualities and involvement in a number of research projects and programmes
which has helped the Malaysian commodities industry. She is also a Fellow of
Academy Science Malaysia, a member of Institut Kimia Malaysia and Malaysian
Invention and Design Society (MINDS). She also sits on the Board of several
companies within Felda Global Ventures Group of Companies.
She has no conflict of interest with the Company and does not have any family
relationship with any Director and/or major shareholder of the Company. She
has not been convicted for any offences within the past ten years.
Datuk Dr. Salmiah Ahmad, warganegara Malaysia, berusia 58 tahun, dilantik
sebagai Pengarah Bukan Eksekutif Bebas FGV pada 15hb Mac 2014. Beliau
adalah pemegang Ijazah Sarjana Muda dan Ijazah Sarjana Sains dalam Kimia
Organik daripada Northern Illinois University, Amerika Syarikat. Beliau
memperoleh Ph.D dalam Kimia Fizik daripada Imperial College, London,
United Kingdom. Beliau juga memiliki Ijazah Sarjana Eksekutif Pentadbiran
Perniagaan daripada Asean Executive Institute of Management, Manila,
Filipina. Beliau adalah Ketua Pegarah Lembaga Getah Malaysia (MRB)
semenjak 9 Februari 2010 dan merupakan wanita pertama menyandang
jawatan tersebut. Sebelum memegang jawatan berkenaan, beliau adalah
Timbalan Ketua Pengarah Perkhidmatan Lembaga Minyak Sawit Malaysia
(MPOB) dan mempunyai 27 tahun pengalaman bersama MPOB. Di samping
mempunyai kepakaran dalam bidang kimia organik, beliau juga mempunyai
pengalaman yang luas dalam sektor operasi dan dasar yang terbukti penting
bagi membantu mengangkat MRB ke tahap yang lebih tinggi lagi. Kualiti
kepimpinan dan penglibatan beliau dalam pelbagai projek dan program
penyelidikan telah banyak membantu peningkatan industri komoditi Malaysia.
Beliau adalah seorang Fellow Akademi Sains Malaysia, ahli Institut Kimia
Malaysia dan Malaysian Invention and Design Society (MINDS). Beliau juga
adalah Lembaga Pengarah beberapa syarikat di bawah Kumpulan Syarikat
Felda Global Ventures.
Beliau tidak mempunyai sebarang konflik kepentingan dengan Syarikat
dan tidak mempunyai sebarang hubungan kekeluargaan dengan sebarang
Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah
disabitkan dengan sebarang kesalahan dalam tempoh sepuluh tahun lepas.
82
BOARD OF DIRECTORS
Lembaga Pengarah
Fazlur Rahman Ebrahim, a Malaysian, aged 59, was appointed to the Board
on 15 March 2014 as Independent Non-Executive Director of FGV. He is also
the Chairman of the Audit Committee and a member of the Board Steering
Committee for the Fund Raising Exercise. He is the former Managing Director
of Prokhas Sdn Bhd, a company wholly owned by the Minister of Finance,
Incorporated. He is currently the Corporate Advisor of Johor Corporation and
sits on the Board of Securities Commission Malaysia, Pelaburan Hartanah
Berhad, Permodalan Felda Sdn Bhd, Agensi Kaunseling dan Pengurusan Kredit
and Dana Amal Jariah. He is also a member of the Shariah Council of BNP
Paribas Malaysia Berhad, the Audit Committee of Razak School of Government
and Investment Committee of Majlis Amanah Rakyat. He has also served as
Chief Executive Officer of Bank Muamalat Malaysia Berhad, Chief Operating
Officer of Bank Islam Malaysia Berhad and a Non-Executive Director of Bank
Pembangunan Malaysia Berhad, Export-Import Bank of Malaysia Berhad,
Malaysia Debt Ventures Berhad, Pengurusan Danaharta Nasional Berhad,
Syarikat Jaminan Pembiayaan Perniagaan Berhad and Syarikat Jaminan Kredit
Perumahan Berhad. He holds a Bachelors Degree in Business Administration
(BBA) from Ohio University, Athens, United States of America and a Master
Degree in Business Administration (MBA) majoring in Finance from Universiti
Kebangsaan Malaysia.
He has no conflict of interest with the Company and does not have any family
relationship with any Director and/or major shareholder of the Company. He
has not been convicted for any offences within the past ten years.
Fazlur Rahman Ebrahim, warganegara Malaysia, berusia 59 tahun, dilantik
sebagai Pengarah Bukan Eksekutif Bebas FGV pada 15hb Mac 2014. Beliau juga
merupakan Pengerusi Jawatankuasa Audit dan ahli Jawatankuasa Pemandu
bagi Langkah Pengumpulan Dana Lembaga Pengarah. Beliau adalah bekas
Pengarah Urusan Prokhas Sdn Bhd, sebuah syarikat milik penuh Menteri
Kewangan Diperbadankan. Kini beliau merupakan Penasihat Korporat Johor
Corporation dan adalah ahli Lembaga Pengarah Suruhanjaya Sekuriti Malaysia,
Pelaburan Hartanah Berhad, Permodalan Felda Sdn Bhd, Agensi Kaunseling
dan Pengurusan Kredit dan Dana Amal Jariah. Beliau juga adalah seorang
ahli Majlis Syariah BNP Paribas Malaysia Berhad, Jawatankuasa Audit Razak
School of Government dan Jawatankuasa Pelaburan Majlis Amanah Rakyat.
Beliau pernah berkhidmat sebagai Ketua Pegawai Eksekutif Bank Muamalat
Malaysia Berhad, Ketua Pegawai Operasi Bank Islam Malaysia Berhad dan
Pengarah Bukan Eksekutif Bank Pembangunan Malaysia Berhad, ExportImport Bank of Malaysia Berhad, Malaysia Debt Ventures Berhad, Pengurusan
Danaharta Nasional Berhad, Syarikat Jaminan Pembiayaan Perniagaan Berhad
dan Syarikat Jaminan Kredit Perumahan Berhad. Beliau memiliki Ijazah
Sarjana Muda Pentadbiran Perniagaan (BBA) daripada Ohio University, Athens,
Amerika Syarikat dan Ijazah Sarjana Pentadbiran Perniagaan (MBA) dengan
pengkhususan dalam Kewangan daripada Universiti Kebangsaan Malaysia.
Beliau tidak mempunyai sebarang konflik kepentingan dengan Syarikat
dan tidak mempunyai sebarang hubungan kekeluargaan dengan sebarang
Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah
disabitkan dengan sebarang kesalahan dalam tempoh sepuluh tahun lepas.
83
Datuk Haji Faizoull Ahmad, a Malaysian, aged 53, was appointed to the Board
on 15 March 2014 as Non-Independent Non-Executive Director of FGV. He is
also a member of the Investment Committee. He holds a Masters in Public
Administration from Virginia Commonwealth University, United States of
America. He is a member of Research Advisory Council of Universiti Teknologi
Petronas and a member council of the National Anti-Drug Extinguisher. He
has extensive experience working in Federal Land Development Authority
(FELDA). In 1986, he joined FELDA and held various positions, including
Pegawai Tadbir (Jabatan Sosial FELDA), Pegawai Tadbir (Jabatan Belanjawan
FELDA), Pengurus Besar Felda Wilayah Terengganu, Pengarah Jabatan
Inovasi & Pembangunan Generasi Baru FELDA, Timbalan Pengarah Besar
(Pembangunan Komuniti, FELDA), before being appointed as Director General
of FELDA in 2012. He sits on the Board of MSM Malaysia Holdings Berhad, Felda
Holdings Bhd and several companies within Felda Global Ventures Group of
Companies.
He has no conflict of interest with the Company and does not have any family
relationship with any Director and/or major shareholder of the Company. He
has not been convicted for any offences within the past ten years.
Datuk Haji Faizoull Ahmad, warganegara Malaysia, berusia 53 tahun, dilantik
sebagai Pengarah Bukan Eksekutif Bukan Bebas FGV pada 15hb Mac 2014.
Beliau juga merupakan ahli Jawatankuasa Pelaburan. Beliau memiliki Ijazah
Sarjana Pentadbiran Awam daripada Virginia Commonwealth University,
Amerika Syariikat. Beliau merupakan ahli Majlis Penasihat Penyelidikan
Universiti Teknologi Petronas dan ahli Majlis Anti Dadah Kebangsaan. Beliau
mempunyai pengalaman kerja yang luas bersama Lembaga Kemajuan
Tanah Persekutuan (FELDA). Beliau menyertai FELDA pada tahun 1986 dan
memegang pelbagai jawatan; termasuk Pegawai Tadbir (Jabatan Sosial
FELDA), Pegawai Tadbir (Jabatan Belanjawan FELDA), Pengurus Besar Felda
Wilayah Terengganu, Pengarah Jabatan Inovasi & Pembangunan Generasi Baru
FELDA, Timbalan Pengarah Besar (Pembangunan Komuniti, FELDA) sebelum
dilantik sebagai Pengarah Besar FELDA pada tahun 2012. Beliau adalah ahli
Lembaga Pengarah MSM Malaysia Holdings Berhad, Felda Holdings Bhd dan
beberapa syarikat di bawah Kumpulan Syarikat Felda Global Ventures.
Beliau tidak mempunyai sebarang konflik kepentingan dengan Syarikat
dan tidak mempunyai sebarang hubungan kekeluargaan dengan sebarang
Pengarah dan/atau pemegang saham utama Syarikat. Beliau tidak pernah
disabitkan dengan sebarang kesalahan dalam tempoh sepuluh tahun lepas.
84
KEY Management
PENGURUSAN UTAMA
85
Palaniappan Swaminathan
syahrilazLI mahammad
Fairuz Ismail
Executive Vice President,
HEAD OF Transformation Management Office
Naib Presiden Eksekutif,
KETUA PEJABAT PENGURUSAN TRANSFORMASI
Zakaria Arshad
Head of Downstream Cluster
KETUA KELOMPOK HILIRAN
86
KEY MANAGEMENT
PENGURUSAN UTAMA
Mohd Emir Mavani Abdullah, aged 50, a Malaysian, was appointed as Chief Executive Officer Designate
of FGV on 1st January 2013 and was re-designated as Group President/ Chief Executive Officer of FGV
on 15th July 2013. He graduated with a Chemistry Degree from Universiti Kebangsaan Malaysia in 1987
and obtained his Masters of Engineering Management from Warwick University, United Kingdom in
2000. He had completed various executive education programmes in institutions such as Harvard and
Yale in 2002 and 2003, respectively. He is a leading expert in economic and government administration
reform in the Middle East and Asia for the past 20 years. He was previously the Senior Advisor to the
United Nations Development Program on various projects in the Middle East and North Africa region
between 1998 to 2004, the Coordinator for Good Governance of Organization for Economic Cooperation
and Development for the Arab region between 2002 to 2004, the Advisor to the Minister of Finance in
the United Arab Emirates from 2002 to 2007 and the Strategic Advisor to the Executive Council of Abu
Dhabi for the period of 2008 to 2010. Prior to his current position, he was a Director in charge of National
Key Economic Areas (NKEA), Performance Management and Delivery Unit (PEMANDU), in the Prime
Ministers Department and also a Chief Executive Officer of Malaysia Petroleum Resource Corporation,
the Prime Ministers Department and a Director of Malaysia Nuclear Power Corporation. He is a Director
of Australia Agricultural Company Limited, a Public Company listed on Australia Stock Exchange. He is
currently the Managing Director of Felda Holdings Bhd and Pontian United Plantations Berhad and a
Director of MSM Malaysia Holdings Berhad, Federal Land Development Authority (FELDA) and several
companies within Felda Global Ventures Group of Companies.
Mohd Emir Mavani Abdullah, berusia 50 tahun, warganegara Malaysia telah dilantik sebagai Ketua
Pegawai Eksekutif Dilantik FGV pada 1hb Januari 2013 dan dilantik semula sebagai Presiden/Ketua
Pegawai Eksekutif Kumpulan FGV pada 15hb Julai 2013. Beliau menamatkan pengajian Ijazah Kimia
daripada Universiti Kebangsaan Malaysia pada tahun 1987 dan memperoleh Ijazah Sarjana Pengurusan
Kejuruteraan daripada Warwick University, United Kingdom pada tahun 2000. Beliau pernah mengikuti
beberapa program pendidikan eksekutif di institusi seperti Harvard pada tahun 2002 dan Yale pada tahun
2003. Sepanjang 20 tahun lepas, beliau dikenali sebagai seorang pakar terkemuka dalam pembaharuan
ekonomi dan pentadbiran kerajaan di Timur Tengah dan Asia. Sebelum ini, beliau merupakan Penasihat
Kanan kepada Program Pembangunan Bangsa-bangsa Bersatu dalam pelbagai projek di Timur Tengah
dan wilayah Afrika Utara antara tahun 1998 hingga 2004, Penyelaras Tadbir Urus Baik bagi Pertubuhan
Kerjasama Ekonomi dan Pembangunan bagi rantau Arab antara tahun 2002 hingga 2004 dan Penasihat
Strategik kepada Majlis Eksekutif Abu Dhabi bagi tempoh dari tahun 2008 hingga 2010. Sebelum
menyandang jawatan sekarang, beliau adalah Pengarah Bidang Ekonomi Utama Negara (NKEA),
Unit Pengurusan Prestasi dan Pelaksanaan (PEMANDU), di Jabatan Perdana Menteri dan juga Ketua
Pegawai Eksekutif Perbadanan Sumber Petroleum Malaysia di Jabatan Perdana Menteri dan Pengarah
Perbadanan Kuasa Nuklear Malaysia. Beliau juga adalah pengarah Australia Agricultural Company
Limited, sebuah syarikat senarai awam di Bursa Saham Australia. Kini beliau adalah Pengarah MSM
Malaysia Holdings Berhad, Felda Holdings Bhd (Pengarah Urusan), Pontian United Plantations Berhad
(Pengarah Urusan), Lembaga Kemajuan Tanah Persekutuan (FELDA) dan Pengarah beberapa syarikat
di bawah Kumpulan Syarikat Felda Global Ventures.
87
Dato Khairil Anuar Haji Aziz, aged 47, a Malaysian, was appointed as Group Chief Operating Officer
(Domestic Business Operations) of FGV and Deputy Managing Director of Felda Holdings Bhd on 1
November 2012. He graduated from Coventry University, England in 1993, with a BA (Hons) in Business
Administration majoring in Marketing Management. He started his career as a Systems Analyst at
the Resource Management Division at the National Health Service (NHS) in Wakefield, England and
began his career in Malaysia in 1994 as a Renong Management Trainee with Renong Group Berhad.
He held several positions in Renong Group of Companies namely United Engineers Malaysia Berhad
(UEM), Cement Industries of Malaysia Berhad (CIMA) and Time Engineering Berhad (TEB), that were
involved in the Construction, Manufacturing, Logistics & Distribution, Business Development and ICT
sectors. He left the Renong Group of Companies to assume a Senior Management position in JARING
Communications Sdn Bhd (a subsidiary of MIMOS Berhad) before being appointed as Chief Executive
Officer of MLABS Systems Berhad (an associate company of Universiti Sains Malaysia) and successfully
listed the company on Bursa Malaysia Securities Berhad. He was later appointed by SCAN Associates
Berhad as its Director, International Business and Chief Marketing Officer, prior to its listing on Bursa
Malaysia Securities Berhad, responsible for the ICT Security Solutions and Consultancy for domestic and
international markets. He was the Executive Chairman of GSSB Consulting Sdn Bhd which specialises in
various Human Capital Development, Corporate Strategy and Change Management, before joining FGV.
He is a member of the Industry Advisory Panel (IAP) of Universiti Sains Malaysia (USM) and is also an
appointed panel member of Gabungan Pemikir Profesional Felda (GAPROF), which voluntarily advises on
strategic direction on the social and economic development of the Felda community, under the purview
of the SERANTA Felda, Prime Ministers Department. He is a Non-Executive Director of Sinergi Perdana
Sdn Bhd (a consortium formed by Felda, the Rubber Industry Smallholders Development Authority
(RISDA), Federal Land Consolidation and Rehabilitation Authority (FELCRA), under the auspices of
the Ministry of Rural & Regional Development and Prime Ministers Department). He also holds
directorships in several subsidiary companies and associated companies of FGV.
Dato Khairil Anuar Haji Aziz, berusia 47 tahun, warganegara Malaysia, telah dilantik sebagai Ketua
Pegawai Operasi Kumpulan (Operasi Perniagaan Dalam Negeri) FGV dan Timbalan Pengarah Urusan
Felda Holdings Bhd pada 1hb November 2012. Beliau berkelulusan dari Coventry University, England
pada tahun 1993, dengan memegang Ijazah Sarjana Muda (Kepujian) Pentadbiran Perniagaan dalam
jurusan Pengurusan Pemasaran. Beliau memulakan kerjaya sebagai Penganalisis Sistem di Bahagian
Pengurusan Sumber di Perkhidmatan Kesihatan Kebangsaan (NHS) di Wakefield, England dan
memulakan kerjaya beliau di Malaysia pada tahun 1994 sebagai Pelatih Pengurusan Renong dengan
Renong Group Berhad. Beliau memegang beberapa jawatan dalam Kumpulan Syarikat Renong iaitu
United Engineers Malaysia Berhad (UEM), Cement Industries of Malaysia Berhad (CIMA) dan Time
Engineering Berhad (TEB) yang terlibat dalam industri Pembinaan, Pengilangan, Logistik & Pengedaran,
Pembangunan Perniagaan dan Teknologi Maklumat dan Komunikasi. Beliau meninggalkan Kumpulan
Syarikat Renong untuk memegang jawatan Pengurusan Kanan JARING Communications Sdn Bhd (anak
syarikat MIMOS Berhad) sebelum dilantik sebagai Ketua Pegawai Eksekutif MLABS Systems Berhad,
(sebuah syarikat bersekutu Universiti Sains Malaysia) dan berjaya menyenaraikan syarikat tersebut di
Bursa Malaysia Securities Berhad. Beliau kemudiannya telah dilantik sebagai Pengarah, Perniagaan
Antarabangsa dan Ketua Pegawai Pemasaran SCAN Associates Berhad sebelum penyenaraiannya di
Bursa Malaysia Securities Berhad dan bertanggungjawab bagi Penyelesaian Keselamatan Teknologi
Maklumat dan Komunikasi serta Perundingan untuk pasaran domestik dan antarabangsa. Beliau
kemudianya menjawat jawatan sebagai Pengerusi Eksekutif GSSB Consulting Sdn Bhd yang terlibat
khusus dalam pelbagai bidang Pembangunan Modal Insan, Strategi Korporat dan Pengurusan
Perubahan, sebelum menyertai FGV. Beliau adalah Panel Penasihat Industri (IAP) Universiti Sains
Malaysia dan juga merupakan ahli panel yang dilantik dalam Gabungan Pemikir Profesional Felda
(GAPROF), di bawah bidang kuasa SERANTA Felda, Jabatan Perdana Menteri yang secara sukarela
menasihatkan tentang halatuju strategik pembangunan sosial dan ekonomi komuniti Felda. Beliau
adalah seorang Pengarah Bukan-Eksekutif di Sinergi Perdana Sdn Bhd (satu konsortium syarikat milik
Felda, Pihak Berkuasa Kemajuan Pekebun Kecil Perusahaan Getah (RISDA), Lembaga Penyatuan dan
Pemulihan Tanah Persekutuan (FELCRA) di bawah seliaan Kementerian Kemajuan Luar Bandar &
Wilayah serta Jabatan Perdana Menteri). Beliau juga memegang jawatan pengarah di beberapa anak
syarikat dan syarikat bersekutu FGV.
88
KEY MANAGEMENT
PENGURUSAN UTAMA
Dr. Suzana Idayu Wati Osman, aged 45, a Malaysian, is the Head of Sugar Cluster. She holds a Bachelor
of Business Administration (Honours) Degree in Business Studies from the University of Huddersfield,
England and a Master of Business Administration (Finance) and Doctorate in Finance from Universiti
Putra Malaysia. She has also attended the Advanced Management Program at Harvard Business
School, Harvard University, United States of America in 2009. She started her career in 1990, as an
Audit and Accounting Assistant for the London Borough of Barking and Dagenham, United Kingdom.
In 1993, she worked as Sales Administration Officer with Metroplex Berhad and then as a Finance and
Administration Manager in a manufacturing company. She then joined Bank of Tokyo-Mitsubishi in 1994
as an Assistant Vice President in Forex and Fund Department and subsequently she joined Sime Bank
in 1998 as a Foreign Exchange Dealer in International Banking Department. She joined Federal Land
Development Authority (FELDA) in 1998 as an Investment Analyst and progressed to the position of
Head of Investment. She then joined FGV in 2008 as a Deputy Group Chief Executive Officer. In 2010, FGV
undertook a re-organisation and re-structuring exercise resulting in FGV becoming the parent company
of certain commercial entities within FELDA Group of companies. In the enlarged entity of FGV, she
was promoted to be the Executive Vice President and holds the position of Chief Strategy Officer before
assuming her current position. She is a Non-Independent Non-Executive director of MSM Malaysia
Holdings Berhad and a Board member of several private limited companies within Felda Global Ventures
Group of Companies.
Dr. Suzana Idayu Wati Osman, berusia 45 tahun, warganegara Malaysia, adalah Ketua Kelompok Gula,
FGV. Beliau memegang Ijazah Sarjana Muda Pentadbiran Perniagaan (Kepujian) dalam Pengajian
Perniagaan dari Universiti Huddersfield, England dan Ijazah Sarjana Pentadbiran Perniagaan
(Kewangan) dan Doktor Falsafah dalam Kewangan dari Universiti Putra Malaysia. Beliau juga telah
menghadiri Program Pengurusan Lanjutan di Harvard Business School, Harvard University, Amerika
Syarikat pada tahun 2009. Beliau memulakan kerjaya pada tahun 1990, sebagai Penolong Audit dan
Perakaunan bagi London Borough of Barking dan Dagenham, United Kingdom. Pada tahun 1993, beliau
berkhidmat sebagai Pegawai Pentadbiran Jualan dengan Metroplex Berhad dan kemudian sebagai
Pengurus Kewangan dan Pentadbiran di sebuah syarikat pembuatan. Beliau kemudian menyertai Bank
of Tokyo-Mitsubishi pada tahun 1994 sebagai Penolong Naib Presiden di Jabatan Forex dan Dana dan
kemudiannya menyertai Sime Bank pada tahun 1998 sebagai Peniaga Pertukaran Asing di Jabatan
Perbankan Antarabangsa. Beliau menyertai Lembaga Kemajuan Tanah Persekutuan (FELDA) pada
tahun 1998 sebagai Penganalisis Pelaburan dan seterusnya memegang jawatan Ketua Pelaburan.
Beliau kemudian menyertai Felda Global Ventures Holdings Berhad pada tahun 2008 sebagai Timbalan
Ketua Pegawai Eksekutif Kumpulan. Pada tahun 2010, FGV telah melaksanakan penyusunan semula dan
penstrukturan semula yang menjadikan FGV sebagai syarikat induk kepada beberapa entiti komersial
tertentu dalam Kumpulan Syarikat FELDA. Dalam entiti besar FGV, beliau telah dinaikkan pangkat
sebagai Naib Presiden Eksekutif dan memegang jawatan Ketua Pegawai Strategi sebelum menyandang
jawatan terkini beliau. Beliau merupakan Pengarah Bukan Eksekutif Bukan Bebas MSM Malaysia
Holdings Berhad dan ahli Lembaga Pengarah beberapa syarikat sendirian berhad dalam FGV.
89
Abdul Halim Ahmad, aged 59, a Malaysian, is the Head of Plantation Cluster of FGV. He holds a Diploma
in Mechanical Engineering from Universiti Teknologi Malaysia in 1977. He is also a Certified Steam
Engineer Grade 2 from Jabatan Kilang & Jentera which he obtained in 1986. He also attended various
courses held at the Asian Institute of Management, Manila, Philippines and Harvard University, United
States of America. He began his career with Federal Land Development Authority (FELDA) in 1977 and
has held various positions as an Assistant Manager, Manager and General Manager. He also served as
Chief Executive Officer in some Felda Holdings Bhds subsidiaries such as Felda Vegetable Oil Products
Sdn Bhd and Felda Palm Industries Sdn Bhd. In 2005, he was promoted to be the Executive Director of
Felda Vegetable Oil Products Sdn Bhd and later as Senior Executive Director of Felda Palm Industries
Sdn Bhd in 2007. In 2010, he joined FGV as Senior Vice President holding the position of Head of
Manufacturing and Sugar Division. Later he become the head of MLO Division and Head of Downstream
and Oleochemicals. He is also involved in various committees including the Chairman of Technical
Committee of Malaysian Palm Oil Association (MPOA). He is currently a member of Program Advisory
Council to the Malaysian Palm Oil Board (MPOB) and Universiti Putra Malaysia. He also sits as a Board
member of several private limited companies within Felda Global Ventures Group of Companies.
Abdul Halim Ahmad, berusia 59 tahun, warganegara Malaysia adalah Ketua Kelompok Perladangan
di FGV. Beliau memiliki Diploma Kejuruteraan Mekanikal dari Universiti Teknologi Malaysia pada
tahun 1977. Beliau juga adalah Jurutera Wap Gred 2 Bertauliah dari Jabatan Kilang & Jentera yang
diperolehinya pada tahun 1986. Beliau juga telah menghadiri pelbagai kursus-kursus yang dianjurkan
di Asian Institute of Management, Manila, Filipina dan Universiti Harvard, Amerika Syarikat. Beliau
memulakan kerjaya dengan Lembaga Kemajuan Tanah Persekutuan (FELDA) pada tahun 1977 dan
telah memegang pelbagai jawatan sebagai Penolong Pengurus, Pengurus dan Pengurus Besar. Beliau
juga pernah berkhidmat sebagai Ketua Pegawai Eksekutif dalam beberapa anak syarikat Felda Holdings
Bhd, seperti Felda Vegetable Oil Products Sdn Bhd dan Felda Palm Industries Sdn Bhd. Pada tahun
2005, beliau telah dinaikkan pangkat sebagai Pengarah Eksekutif Felda Vegetable Oil Products Sdn
Bhd dan kemudiannya sebagai Pengarah Eksekutif Kanan Felda Palm Industries Sdn Bhd pada tahun
2007. Pada tahun 2010, beliau menyertai FGV sebagai Naib Presiden Kanan dengan memegang jawatan
Ketua Pembuatan dan Divisyen Gula. Beliau kemudian dilantik sebagai Ketua Divisyen MLO dan Ketua
Hiliran dan Oleokimia. Beliau juga terlibat dalam pelbagai jawatankuasa termasuk sebagai Pengerusi
Jawatankuasa Teknikal Persatuan Minyak Sawit Malaysia (MPOA). Beliau kini merupakan ahli Majlis
Penasihat Program kepada Lembaga Minyak Sawit Malaysia (MPOB) dan Universiti Putra Malaysia.
Beliau juga adalah ahli Lembaga Pengarah beberapa syarikat sendirian berhad dalam Kumpulan
Syarikat Felda Global Ventures.
90
KEY MANAGEMENT
PENGURUSAN UTAMA
Fairuz Ismail, aged 50, a Malaysian, is the Head of Transformation Management Office of FGV. He has a
Diploma in Planting and Industry Management from Universiti Teknologi MARA (UiTM). He started his
career in 1985 at Golden Hope Plantations Berhad where he served within the group for 22 years. His
last position was the Head of Plantation, Indonesia. After the merger between Golden Hope Plantations
Berhad, Kumpulan Guthrie Berhad and Sime Darby Berhad in 2007, he was appointed as Region Head
of Estates Operations in East Malaysia in the new entity, Sime Darby Plantations Sdn Bhd. He then
continued his service as Head of New Projects in Liberia, Sabah and Sarawak. His last position at Sime
Darby Plantations Sdn Bhd was as Head of Plantations, Africa. In 2010, he joined FGV as Senior Vice
President, Head of Transformation Management Office. He was the Executive Vice President, Head
of Plantation before assuming the current post. He is a member of professional bodies namely Asian
Institute of Management (AIM) and Incorporated Society of Planters (ISP).
Fairuz Ismail
Executive Vice President,
Head of Transformation
Management Office
Naib Presiden Eksekutif,
Ketua Pejabat Pengurusan
Transformasi
Fairuz Ismail, berusia 50 tahun, warganegara Malaysia, adalah Ketua Pejabat Pengurusan Transformasi
FGV. Beliau mempunyai Diploma dalam Perladangan dan Pengurusan Industri dari Universiti Teknologi
MARA (UiTM). Beliau memulakan kerjaya pada tahun 1985 di Golden Hope Plantations Berhad dan
telah berkhidmat dalam kumpulan selama 22 tahun. Jawatan terakhir beliau adalah sebagai Ketua
Perladangan, Indonesia. Selepas penggabungan di antara Golden Hope Plantations Berhad, Kumpulan
Guthrie Berhad dan Sime Darby Berhad pada tahun 2007, beliau telah dilantik sebagai Ketua Wilayah
Operasi Estet di Malaysia Timur dalam entiti baru, Sime Darby Plantations Sdn Bhd. Beliau kemudiannya
meneruskan tugas sebagai Ketua Projek-Projek Baru di Liberia, Sabah dan Sarawak. Jawatan terakhir
beliau di Sime Darby Plantations Sdn Bhd adalah sebagai Ketua Perladangan, Afrika. Pada tahun 2010,
beliau menyertai FGV sebagai Naib Presiden Kanan, Ketua Pejabat Pengurusan Transformasi. Jawatan
beliau sebelum ini adalah Naib Presiden Eksekutif, Ketua Perladangan. Beliau juga adalah ahli beberapa
badan-badan profesional iaitu Institut Pengurusan Asia (AIM) dan Incorporated Society of Planters (ISP).
91
Zakaria Arshad, aged 54, a Malaysian, was appointed as Head of Downstream Cluster of FGV on
1st January 2014. He holds a Bachelor of Soc. Science (Economics) from Universiti Sains Malaysia.
He began his career with Felda Rubber Industries Sdn Bhd in 1984. From 1999 to 2002, he was a Manager
(Business) in Malaysia Cocoa Manufacturing Sdn Bhd. He then held the position of General Manager in
Felda Rubber Products Sdn Bhd, Felda Marketing Services Sdn Bhd and Felda Rubber Industries Sdn
Bhd from 2002 till 2006. He was then appointed as Chief Executive Officer of Delima Oil Products Sdn Bhd
before he assumed his current position. He is also a Director of several companies within Felda Global
Ventures Group of Companies.
Zakaria Arshad, 54 tahun, warganegara Malaysia, dilantik sebagai Ketua Kelompok Hiliran FGV pada
1hb Januari 2004. Beliau memiliki Ijazah Sarjana Muda Sains Sosial (Ekonomi) daripada Universiti
Sains Malaysia. Beliau memulakan kerjaya bersama Felda Rubber Industries Sdn Bhd pada tahun 1984.
Dari tahun 1999 hingga 2002, beliau berkhidmat sebagai Pengurus (Perniagaan) di Malaysia Cocoa
Manufacturing Sdn Bhd. Kemudian dari tahun 2002 hingga 2006, beliau berkhimat sebagai Pengurus
Besar di Felda Rubber Products Sdn Bhd, Felda Marketing Services Sdn Bhd dan Felda Rubber
Industries Sdn Bhd. Selepas itu, beliau dilantik sebagai Ketua Pegawai Eksekutif Delima Oil Products
Sdn Bhd sebelum menyandang jawatan sekarang. Beliau juga merupakan Pengarah di beberapa
syarikat di bawah Kumpulan Syarikat Felda Global Ventures.
Zakaria Arshad
Head of Downstream Cluster
Ketua Kelompok Hiliran
92
KEY MANAGEMENT
PENGURUSAN UTAMA
Palaniappan Swaminathan, aged 59, a Malaysian, is the Head of Research and Development of FGV and
currently the Chief Executive Officer of Felda Agricultural Services Sdn Bhd. He holds a Bachelor of
Science (Honours) and a Master of Science, both from Universiti Malaya. In 1993, he obtained his ACCA
Certified Diploma in Accounting and Finance and a certificate in plant breeding from the International
Agricultural Centre, Wageningen, Netherlands. He joined as a Research Officer of Perbadanan Khidmat
Pertanian Felda (now known as Felda Agricultural Services Sdn Bhd) in 1978. He was then appointed as
the General Manager of Research and Development in 2004 and in 2006 as the Chief Executive Officer of
Felda Agricultural Services Sdn Bhd. His research activities covered agronomy, breeding and processing
of oil palm, cocoa, coconut, coffee, tropical fruits and tropical herbs. He is involved in various committees
including the Main Research and Development Committee of the Malaysian Palm Oil Association
(MPOA), and the Malaysian Palm Oil Board (MPOB) Task Force for Ganoderma and for Bud Rot Diesease.
He was a member of the Advisory Committee for Biotechnology and Molecular Science, Universiti Putra
Malaysia and was a member of the board of advisors for the proposed Kulliyyah of Agricultural Science
and National Resources, International Islamic University Malaysia. He also sits as a Board member of
several companies within Felda Global Ventures Group of Companies.
Palaniappan
Swaminathan
Head of Research and Development
Ketua Penyelidikan dan
Pembangunan
Palaniappan Swaminathan, berusia 59 tahun, warganegara Malaysia, adalah Ketua Penyelidikan dan
Pembangunan FGV dan kini merupakan Ketua Pegawai Eksekutif Felda Agricultural Services Sdn Bhd.
Beliau memegang Ijazah Sarjana Muda Sains (Kepujian) dan Ijazah Sarjana Sains kedua-duanya dari
Universiti Malaya. Pada tahun 1993, beliau memperoleh Diploma Pensijilan ACCA dalam Perakaunan
dan Kewangan dan sijil dalam pembiakan tumbuhan dari Pusat Pertanian Antarabangsa, Wageningen,
Belanda. Beliau adalah Pegawai Penyelidikan Perbadanan Khidmat Pertanian Felda (kini dikenali
sebagai Felda Agricultural Services Sdn Bhd) pada tahun 1978. Beliau kemudiannya dilantik sebagai
Pengurus Besar Penyelidikan dan Pembangunan pada tahun 2004 dan pada tahun 2006 sebagai
Ketua Pegawai Eksekutif Felda Agricultural Services Sdn Bhd. Aktiviti penyelidikan beliau meliputi
agronomi, pembiakan dan pemprosesan minyak sawit, koko, kelapa, kopi, buah-buahan tropika dan
herba tanaman tropika. Beliau terlibat dalam pelbagai jawatankuasa termasuk Jawatankuasa Utama
Penyelidikan dan Pembangunan Persatuan Minyak Sawit Malaysia (MPOA) dan Pasukan Petugas untuk
Ganoderma dan Penyakit Reput Umbut Lembaga Minyak Sawit Malaysia (MPOB). Beliau pernah menjadi
ahli Jawatankuasa Penasihat Bioteknologi dan Sains Molekul, Universiti Putra Malaysia dan merupakan
ahli lembaga penasihat untuk cadangan Kulliyyah Sains Pertanian dan Sumber Negara, Universiti Islam
Antarabangsa Malaysia. Beliau juga merupakan ahli Lembaga Pengarah beberapa syarikat dalam
Kumpulan Syarikat FGV.
93
Ahmad Tifli Dato Haji Mohd Talha, aged 48, a Malaysian, is the Chief Financial Officer of FGV. He
completed his Foundation Course in Accounting at Trent University, Nottingham, United Kingdom in
1985 after which, he pursued and completed his professional articleship training and became a member
of the Institute of Chartered Accountants in England and Wales (ICAEW) in 1989. He is also a member of
the Malaysian Institute of Accountants (MIA). He started his career in 1985 in Hobson Phillips & Sharpe
Chartered Accountants, Nottingham, England. In 1991, he joined Price Waterhouse Kuala Lumpur as an
Audit Senior. He then moved to Perbadanan Usahawan Nasional Berhad as an Accountant in 1993. He
later joined Boustead Trading Sdn Bhd as Financial Controller from 1994 to 1995. From 1995 until 2002,
he was the Group Financial Controller as well as the Chief Operating Officer of Kumpulan Mofaz Sdn
Bhd. He joined PROTON Berhad in 2003 until 2007 where he held positions as Deputy General Manager in
Strategy, Chief Executive Officer of a subsidiary of PROTON Berhad, and finally as Head of International
Sales & Services Division, PROTON Berhad. From 2007 to 2008, he was involved in a motorsports project
as Chief Operating Officer of Motorsports Knights (M) Sdn Bhd before he moved to Scomi Group as a
Head of Scomi Coach in 2008. In 2011, he joined FGV as Senior Vice President and assumed his current
position. He was appointed as Acting Chief Human Resource Officer in January 2014. He also sits as a
Board member of several companies within Felda Global Ventures Group of Companies.
Ahmad Tifli Dato Haji Mohd Talha, berusia 48 tahun, warganegara Malaysia, adalah Ketua Pegawai
Kewangan FGV. Beliau menamatkan Kursus Asas dalam Perakaunan di Trent University, Nottingham,
United Kingdom pada tahun 1985 dan selepas itu menjalani latihan profesional dan menjadi ahli
Institute of Chartered Accountants di England dan Wales (ICAEW) pada tahun 1989. Beliau juga adalah
ahli Institut Akauntan Malaysia (MIA). Beliau memulakan kerjaya pada tahun 1985 di Hobson Phillips
& Sharpe Chartered Accountants, Nottingham, England. Pada tahun 1991, beliau menyertai Price
Waterhouse Kuala Lumpur sebagai Juruaudit Kanan. Beliau kemudian berpindah ke Perbadanan
Usahawan Nasional Berhad sebagai Akauntan pada tahun 1993. Beliau kemudian menyertai Boustead
Trading Sdn Bhd sebagai Pengawal Kewangan dari 1994 hingga 1995. Dari tahun 1995 sehingga 2002,
beliau adalah Pengawal Kewangan Kumpulan serta Ketua Pegawai Operasi Kumpulan Mofaz Sdn Bhd.
Beliau menyertai PROTON Berhad pada tahun 2003 sehingga tahun 2007 dan telah memegang jawatan
sebagai Timbalan Pengurus Besar Strategi, Ketua Pegawai Eksekutif di sebuah anak syarikat PROTON
Berhad, dan akhirnya sebagai Ketua Bahagian Jualan & Perkhidmatan Antarabangsa, PROTON Berhad.
Dari tahun 2007 hingga 2008, beliau terlibat dalam satu projek sukan bermotor sebagai Ketua Pegawai
Operasi Motorsports Knights (M) Sdn Bhd sebelum beliau berpindah ke Kumpulan Scomi sebagai Ketua
Scomi Coach pada tahun 2008. Pada tahun 2011, beliau menyertai FGV sebagai Naib Presiden Kanan dan
memegang jawatan terkini beliau. Beliau kemudian telah dilantik sebagai Pemangku Ketua Pegawai
Sumber Manusia dalam bulan Januari, 2014. Beliau juga adalah ahli Lembaga Pengarah beberapa
syarikat dalam Kumpulan Syarikat Felda Global Ventures.
94
KEY MANAGEMENT
PENGURUSAN UTAMA
Abu Bakar Haji Isa Ramat, aged 33, a Malaysian, is the Chief Counsel of FGV. He graduated with a
Bachelor of Laws (LLB) from the University of Tasmania, Australia. At current, he is pursuing for Master
of Laws (LLM) program at the Universiti Kebangsaan Malaysia. He was called to the Bar of the High Court
of Malaya in 2009. He then joined Messrs. Hafarizam Wan & Aisha Mubarak in 2009 as an Advocate &
Solicitor until October, 2013. His last position at Messrs. Hafarizam Wan & Aisha Mubarak was Senior
Associates. In year 2011 until 2012, he was appointed as a Board of Director and an Internal Audit
Committee member of Twin Rivers Technologies Holdings Inc., a subsidiary of FGV. In December, 2013
he joined FGV as Vice President and assumed his current position. He also sits as a Board member of
Felda Palm Industries Sdn Bhd, a subsidiary of Felda Global Ventures Group of Companies.
Abu Bakar Haji Isa Ramat, berusia 33 tahun, warganegara Malaysia, adalah Ketua Peguam FGV.
Beliau menamatkan pengajian Ijazah Sarjana Muda Undang-undang (LLB) di University of Tasmania,
Australia. Kini beliau sedang melanjutkan pengajian program Ijazah Sarjana Undang-undang (LLM) di
Universiti Kebangsaan Malaysia. Beliau diterima sebagai Peguam Mahkamah Tinggi Malaya pada tahun
2009. Selepas itu, beliau menyertai Tetuan Hafarizam Wan & Aisha Mubarak pada tahun 2009 sebagai
Peguambela dan Peguamcara sehingga bulan Oktober, 2013. Jawatan terakhir beliau bersama Tetuan
Hafarizam Wan & Aisha Mubarak adalah sebagai Rakan Kongsi Kanan. Pada tahun 2011 hingga 2012,
beliau dilantik sebagai ahli Lembaga Pengarah dan ahli Jawatankuasa Audit Dalaman Twin Rivers
Technologies Holdings Inc., sebuah anak syarikat FGV. Pada bulan Disember 2013, beliau menyertai
FGV sebagai Naib Presiden dan kemudian memegang jawatan yang disandang sekarang. Beliau turut
menjadi ahli Lembaga Pengarah Felda Palm Industries Sdn Bhd, sebuah anak syarikat di bawah
Kumpulan Syarikat Felda Global Ventures.
95
Syahrilazli Mahammad, aged 36, a Malaysian, is the Senior Vice President, International Business of
FGV. He holds a Bachelor of Business Administration (Honours) from University Technology MARA. He
has a diverse working experience in various sectors starting from manufacturing, telecommunication,
information technology, oil and gas. He began his career with Motorola, Time Telecommunication,
Celcom (M) Sdn Bhd and Mesiniaga Berhad in the telecommunication and information technology sector.
He later joined Shell where he served for more than seven years focusing primarily on sales, marketing
and operations. During his time in Shell, he won numerous awards and recognitions for outstanding
performance. In April 2010, he joined Performance Management and Delivery Unit (PEMANDU), in
the Prime Ministers Department. Prior to his current position, he was an Executive Director in Malaysia
Petroleum Resources Corporation (MPRC), in the Prime Ministers Department. He then joined FGV on
1st May 2013 where his main task is to develop the upstream and downstream business of FGV globally.
He is a Director of several companies within Felda Global Ventures Group of Companies.
Syahrilazli Mahammad, berusia 36 tahun, warganegara Malaysia, adalah Naib Presiden Kanan
Perniagaan Antarabangsa FGV. Beliau memiliki Ijazah Sarjana Muda Pentadbiran Perniagaan (Kepujian)
daripada Universiti Teknologi MARA. Beliau mempunyai pengalaman kerja yang pelbagai dalam
berbagai sektor; bermula daripada pembuatan, telekomunikasi, teknologi maklumat, hinggalah kepada
minyak dan gas. Beliau memulakan kerjaya dengan Motorola, Time Telecommunication, Celcom (M) Sdn
Bhd dan Mesiniaga Berhad dalam sektor telekomunikasi dan teknologi maklumat. Selepas itu, beliau
menyertai Shell selama lebih tujuh tahun dengan fokus utama meliputi jualan, pemasaran dan operasi.
Di Shell, beliau pernah mendapat beberapa anugerah dan pengiktirafan kerana menampilkan prestasi
cemerlang. Beliau menyertai Unit Pengurusan Prestasi dan Pelaksanaan (PEMANDU), di Jabatan
Perdana Menteri pada bulan April 2010. Sebelum menyandang jawatan sekarang, beliau adalah seorang
Pengarah Eksekutif Perbadanan Sumber Petroleum Malaysia (MPRC), di Jabatan Perdana Menteri.
Kemudian pada 1hb Mei 2013, beliau menyertai FGV dan tugas utama beliau ialah membangunkan
perniagaan huluan dan hiliran FGV di seluruh dunia. Beliau juga merupakan Pengarah beberapa syarikat
di bawah Kumpulan Syarikat Felda Global Ventures.
Syahrilazli
Mahammad
Senior Vice President,
International Business
Naib Presiden Kanan,
Perniagaan Antarabangsa
96
KEY MANAGEMENT
PENGURUSAN UTAMA
Dato Shaharuddin Khalid, aged 53, a Malaysian, is the Vice President, Governance and Risk Management
of FGV. He holds a Bachelor of Arts (B.A) (Honours) from University Malaya and a Master of Science
Criminal Justice from University of New Haven, Connnecticut, United States of America. He started his
career in 1984 with the Malaysian Anti Corruption Agency (MACC) where he served more than 29 years.
During his tenure in MACC, he held various positions which include Senior Investigation Officer, Deputy
Director, Director of Intelligence, Director of Selangor State, Director of Inspection and Consultancy
Division and Head of Corporate Integrity Development Centre (CIDC). He was then seconded to FGV in
2013.
Dato Shaharuddin
Khalid
Vice President,
Governance and Risk Management
Naib Presiden,
Tadbir Urus dan Pengurusan Risiko
Dato Shaharuddin Khalid, berusia 53 tahun, warganegara Malaysia, adalah Naib Presiden, Tadbir Urus
dan Pengurusan Risiko FGV. Beliau memiliki Ijazah Sarjana Muda Sastera (Kepujian) daripada Universiti
Malaya dan Ijazah Sarjana Sains Pengadilan Jenayah daripada University of New Haven, Connecticut,
Amerika Syarikat. Beliau memulakan kerjaya pada tahun 1984 bersama Agensi Pencegah Rasuah
Malaysia (MACC) dan telah berkhidmat selama 29 tahun. Sepanjang tempoh berkhidmat bersama
MACC, beliau menyandang pelbagai jawatan termasuk sebagai Pegawai Penyiasat Kanan, Timbalan
Pengarah, Pengarah Risikan, Pengarah Negeri Selangor, Pengarah Bahagian Pemeriksaan dan
Khidmat Rundingan dan Ketua Pusat Pembangunan Integriti Korporat (CIDC). Beliau kemudiannya telah
dipinjamkan ke FGV pada tahun 2013.
97
Shahniza Anom Elias, aged 45, a Malaysian, is the Company Secretary of FGV and its Group of Companies.
She was appointed as a Company Secretary of FGV on 2 September 2013. She holds a Diploma in Banking
Studies from Universiti Teknologi MARA. She started her career in 1992, as Secretarial Assistant at
Tenaga Koperat Sdn Bhd (now known as Symphony Corporatehouse Services Sdn Bhd), a business
associate of Coopers & Lybrand (now known as PricewaterhouseCoopers), where she served for more
than 20 years. In 1997, she obtained her licence to act as Company Secretary from the Companies
Commissions of Malaysia. Since then, she has acted as Company Secretary for almost 100 clients of
Symphony Corporatehouse Sdn Bhd. She has also been appointed a nominee director of various private
limited companies, both local and foreign. She is currently the Company Secretary of MSM Malaysia
Holdings Berhad, a subsidiary company of FGV listed on Bursa Malaysia Securities Berhad and the
secretary for FGV Board Committees.
Shahniza Anom Elias, berusia 45 tahun, warganegara Malaysia, adalah Setiausaha Syarikat FGV dan
Kumpulan Syarikat Felda Global Ventures. Beliau dilantik sebagai Setiausaha Syarikat FGV pada 2
September 2013. Beliau mempunyai Diploma dalam Kajian Perbankan daripada Universiti Teknologi
MARA. Beliau memulakan kerjaya pada tahun 1992 sebagai Penolong Kesetiausahaan di Tenaga
Koperat Sdn Bhd (kini dikenali sebagai Symphony Corporatehouse Services Sdn Bhd), syarikat
bersekutu Coopers & Lybrand (kini dikenali sebagai PricewaterhouseCoopers) dan telah berkhidmat
selama lebih 20 tahun. Pada tahun 1997, beliau memperoleh lesen daripada Suruhanjaya Syarikat
Malaysia untuk bertindak sebagai Setiausaha Syarikat. Semenjak itu, beliau telah menjadi Setiausaha
Syarikat kepada lebih kurang 100 pelanggan Symphony Corporatehouse Services Sdn Bhd. Beliau juga
telah dilantik sebagai pengarah nomini beberapa syarikat sendirian berhad, tempatan mahupun asing.
Beliau juga merupakan Setiausaha Syarikat MSM Malaysia Holdings Berhad, sebuah anak syarikat
FGV yang disenaraikan di Bursa Malaysia Securities Berhad dan setiausaha Jawatankuasa Lembaga
Pengarah FGV.
penyelidikan
RESEARCH
Spurring
Breakthroughs
For Future
Growth
Unwavering focus towards research
and development allows us to
further improve and enhance our
existing portfolio as well as to
create new products that will cater
for different markets.
Melonjakkan
Penerokaan Bagi
Pertumbuhan
Masa Depan
DEVELOPMENT
pembangunan
100
101
One of our most important Human Resource goals for the Group is to
develop a corporation of highly qualified personnel at the same pace
that we increase the depth and breadth of our operations. During
2013, FGVs Group Human Resource Division (GHRD) continued to
focus on talent development and enhancement of the knowledge,
skills, capabilities and experience of employees at all levels of the
organisation. New management trainees were recruited, giving fresh
graduates their first exposure to potential careers, while our cadet
planters and cadet mill programmes have been designed to groom
future plantation and mill managers.
Resource Committees have also been established at Company-level
and they bring their perspectives and experiences to the process
of identifying high potential talent to be put through the necessary
development interventions. As the Group continues to move further
down the path an as international player, there is also increasing
emphasis on developing leaders of tomorrow with the global
knowledge, culture, mindset and experience. These high potential
talents will be our reservoir of future organisational leaders.
102
Sehubungan itu, program Green Talent and Global Leaders memenuhi secara
proaktif keperluan Kumpulan kepada bakat terbaik dan menguruskan
secara aktif barisan kepimpinannya. Laluan kerjaya tersedia untuk bakat
berpotensi tinggi berserta dengan program pembangunan bagi mengisi
jurang dan menggalakkan perkembangan warga kerja melalui proses
kitaran menyeluruh. Individu terpilih juga dihantar mengikuti Program
Diploma dalam Pengurusan atau Sarjana Eksekutif dalam Pengurusan.
Kumpulan pertama yang terdiri daripada 47 orang calon di bawah program
Green Talent and Global Leaders ini telah menamatkan pengajian mereka
dengan kelulusan Diploma dan Sarjana Eksekutif mereka pada tahun
2013. Kumpulan kedua seramai 54 orang dijangka akan menamatkan
pengajian pada Julai 2014.
Dalam melaksanakan program Green Talent, kami juga mendapat manfaat
daripada Model Leadership Pipeline oleh Ram Charan yang membantu
mentakrif kemahiran berbeza yang diperlukan oleh pemimpin dari satu
peringkat ke peringkat berikutnya. Hasilnya, rangka kerja pembelajaran
kami telah diperhalusi lagi dan disesuaikan mengikut keperluan strategi
kami. Salah satu modul meliputi lawatan sambil belajar di luar negeri
sebagai sebahagian daripada program pembangunan bakat dan kesediaan
global. Bakat-bakat ini didedahkan kepada operasi perniagaan di Chiang
Mai, Thailand dan Pontianak, Indonesia bagi membolehkan mereka
memahami persekitaran antarabangsa dan pengalaman kebudayaan luar
bagi menyokong aspirasi global Kumpulan. Di samping itu, Kumpulan
turut memberi peluang tugasan luar negeri di beberapa buah negara
kepada calon yang terpilih. Secara keseluruhan, seramai 51 kakitangan di
peringkat eksekutif dan pengurusan mendapat manfaat daripada tugasan
luar negeri ini.
Walau bagaimanapun, FGV masih mempunyai banyak ruang untuk
berkembang. Dengan kumpulan bakat yang kami pupuk, kami yakin
bahawa mereka akan terus menyumbang kepada kejayaan Kumpulan
pada masa akan datang.
103
Melalui pelaksanaan Kod Etika & Kod Tatalaku Perniagaan, Dasar Hadiah,
Pengisytiharan Aset, Akur Janji Integriti Korporat, Perjanjian Integriti, dan
Pelan Integriti, Kumpulan FGV komited untuk:
Menerima pakai sikap yang terbuka dan jujur dalam semua aspek.
Our Integrity Initiative which shall enable the FGV Group to achieve
its eight times (8x) growth as outlined in its Global Strategic Blueprint
(GSB) target by the year 2020.
104
INVESTOR RELATIONS
PERHUBUNGAN PELABUR
2012 *
2013
Number of briefings to
analysts and fund managers
Number of conferences
organized by financial
institutions
89
83
Number of analysts/fund
managers met during
in house meeting and
conferences
234
334
* Post IPO
105
2013
Lawatan tapak ke
kemudahan Kumpulan
Bilangan mesyuarat
(mesyuarat 1 kepada 1 di
persidangan dan mesyuarat
dalaman)
89
83
234
334
* Pasca IPO
106
INVESTOR RELATIONS
Event
Type of Meeting
26 February 2013
Conference Call
29 May 2013
Conference Call
9 July 2013
Analyst Briefing
29 August 2013
Conference Call
11 October 2013
Analyst Briefing
28 November 2013
Conference Call
TAKLIMAT PENGANALISIS
FGV menganjurkan enam taklimat secara langsung untuk penganalisis, pemegang saham dan pengurus dana pada 2013. Empat panggilan
persidangan diadakan pada suku tahun keputusan kewangan diumumkan dan dua taklimat fizikal dijalankan bersempena dengan pengumuman tiga
pengambilalihan utama. Taklimat ini menjadi landasan untuk penganalisis menerima pandangan yang seimbang dan lengkap berhubung prestasi
Kumpulan FGV dan isu-isu yang dihadapinya.
Tarikh
Acara
Jenis Mesyuarat
26 Februari 2013
Panggilan Persidangan
29 Mei 2013
Panggilan Persidangan
9 Julai 2013
Taklimat Penganalisis
29 Ogos 2013
Panggilan Persidangan
11 Oktober 2013
Taklimat Penganalisis
28 November 2013
Panggilan Persidangan
107
INVESTORS MEETINGS
Given the series of significant events affecting FGV as well as the
palm oil industry since the IPO in June 2012, our senior management
were frequently engaged by various investors seeking information
and understanding of the Groups operations. For the year 2013, we
conducted 83 meetings during which we met 334 analysts and fund
managers. These meetings were held either in-house or during
conferences or roadshows in Malaysia and abroad.
SITE VISITS
In addition to meetings, FGV encourages analysts and investors to
visit the Groups facilities to obtain a better understanding of the
Groups operation scale. The visits are also important for stakeholders
to develop an appreciation for the dedication of our employees in
undertaking each activity of the groups palm value chain. In 2013
among the facilities visited by the 5 groups comprising 41 analysts and
fund managers were:
MESYUARAT PELABUR
Berikutan beberapa kejadian penting yang memberi kesan terhadap FGV
serta industri minyak sawit sejak IPO pada bulan Jun 2012, pengurusan
kanan kami sering dihubungi oleh para pelabur yang ingin mendapatkan
maklumat dan kefahaman berhubung operasi Kumpulan. Bagi tahun 2013,
kami telah mengadakan sebanyak 83 mesyuarat yang mana kami telah
berjumpa seramai 334 penganalisis dan pengurus dana. Mesyuarat ini
diadakan sama ada di dalam syarikat atau semasa persidangan atau siri
jelajah di Malaysia dan luar negara.
LAWATAN TAPAK
1.
2.
3.
1.
4.
2.
3.
4.
FBM KLCI
FBM KLCI
108
INVESTOR RELATIONS
Date
Event
Venue
Organizer
20-22 May
Singapore
Deutsche Bank
13-14 June
Kuala Lumpur
Bursa Malaysia/Maybank
6-7 June
London
CIMB
10-11 September
New York
J.P. Morgan
12-13 September
Singapore
Goldman Sachs
17 October
Hong Kong
Bursa Malaysia/RHB-OSK
18-22 October
Tokyo
Nomura
4-8 November
Invest Malaysia US
Bursa Malaysia/Maybank
15 November
Singapore
Morgan Stanley
Tarikh
Acara
Tempat
Penganjur
20-22 Mei
Singapura
Deutsche Bank
13-14 Jun
Kuala Lumpur
Bursa Malaysia/Maybank
6-7 Jun
London
CIMB
10-11 September
New York
J.P. Morgan
12-13 September
Singapura
Goldman Sachs
17 Oktober
Hong Kong
Bursa Malaysia/RHB-OSK
18-22 Oktober
Tokyo
Nomura
4-8 November
Invest Malaysia US
Bursa Malaysia/Maybank
15 November
Singapura
Morgan Stanley
109
110
111
Lembaga Pengarah Felda Global Ventures Holdings Berhad (Lembaga) komited ke arah
mengekalkan piawaian tadbir urus korporat tertinggi di seluruh Kumpulan Syarikat
(Kumpulan FGV atau Kumpulan) Felda Global Ventures Holdings Berhad (Syarikat)
seperti yang telah dinyatakan dalam 8 Prinsip dan 26 Saranan Kod Tadbir Urus
Korporat Malaysia 2012 (Kod), bab-bab yang berkaitan dalam Keperluan Penyenaraian
Pasaran Utama (Keperluan Penyenaraian) Bursa Malaysia Securities Berhad (Bursa
Securities) serta terima pakai amalan-amalan terbaik seperti yang digariskan dalam
Panduan Tadbir Urus Korporat edisi ke-2 (Panduan) yang dikeluarkan oleh Bursa
Securities.
LEMBAGA PENGARAH
Peranan dan Tanggungjawab Lembaga Pengarah
Lembaga Pengarah bertanggungjawab secara kolektif terhadap
pelaksanaan keseluruhan perniagaan Kumpulan FGV dan
bertanggungjawab sepenuhnya ke atas prestasi Syarikat dan
Kumpulan. Ahli-ahli Lembaga Pengarah mengambil pendekatan
berhemah dan prihatin dalam menjalankan tugas dan tanggungjawab
mereka bagi memastikan piawaian etika tertinggi digunakan, menerusi
pematuhan dengan peraturan dan penguatkuasaan, arahan dan garis
panduan yang diguna pakai sambil bertindak demi kepentingan
Kumpulan FGV dan pemegang sahamnya.
112
STAtement on corporate governance
Penyata Tadbir Urus Korporat
113
114
STAtement on corporate governance
Penyata Tadbir Urus Korporat
With its diversity of skills, the Board has been able to provide clear and
effective collective leadership to the Group, and has brought informed
and independent judgment to the Groups strategy and performance so
as to ensure the highest standards of conduct and integrity are always
at the core of the Group.
A brief description of the background of each Director is contained in
the Board of Directors Profiles section, set out on pages 70 to 83 of
this Annual Report.
Independent Non-Executive Directors
The Board has undertaken an assessment of the Independent NonExecutive Directors, and has concluded that each of them continue
to demonstrate behaviour that reflects their independence, which is
in accordance with the definition under Paragraph 1.01 of the Listing
Requirements on the definition of Independent Directors. The Board
is satisfied that all its Independent Non-Executive Directors represent
the interest of the minority shareholders by virtue of their roles and
responsibilities.
The Codes Recommendation on reinforce independence, provides
a limit of a cumulative term of nine (9) years as the tenure for an
Independent Director, after which, the said Director may either seek
shareholders approval to continue to remain on the Board or be
re-designated to a Non-Independent Non-Executive Director.
To date, the Independent Non-Executive Directors of FGV Board have
served less than nine years and are therefore not subject to this
Recommendation.
Division of Roles and Responsibilities between the Chairman and
Group President/CEO
The Board appreciates the distinct roles and responsibilities of the
Chairman of the Board and the Group President/CEO. This division
ensures that there is a clear and proper balance of power and
authority. As such, the role of the Chairman and Group President/CEO
is separate. The Chairmans main responsibility is to ensure effective
conduct of the Board through the execution of the following key roles :
(i)
(ii)
(ii)
115
: ajyahaya@feldaglobal.com
Emael
: ajyahaya@feldaglobal.com
Alamat
: Felda Global Ventures Holdings Berhad
surat-menyurat Level 42, Menara Felda, Platinum Park
No. 11, Persiaran KLCC
50088 Kuala Lumpur
Malaysia
Proses Pelantikan Lembaga Pengarah
Calon-calon ke Lembaga Pengarah, termasuk Presiden/ Ketua
Pegawai Eksekutif Kumpulan adalah yang dipertimbangkan dahulu oleh
Jawatankuasa Pencalonan, sebelum mereka disyorkan kepada Lembaga
Pengarah. Jawatankuasa Pencalonan menilai kesesuaian calon, dengan
mengambil kira keperluan gabungan kemahiran, pengetahuan, karekter,
kepakaran dan pengalaman, profesionalisme, integriti, daya saing,
komitmen masa dan ciri-ciri lain, sebelum mengesyorkan pelantikan
mereka kepada Lembaga Pengarah untuk kelulusan.
116
STAtement on corporate governance
Penyata Tadbir Urus Korporat
Re-election of Directors
In accordance with the Articles of Association of the Company, at each
Annual General Meeting (AGM), 1/3 of Directors shall be subject to
retirement by rotation but they shall be eligible for re-election. The
Directors to retire in every year shall be those who have been longest
in office since their last re-election or appointment and each Director
shall retire at least once in every three (3) years. Newly appointed
Directors during the year must offer themselves to the shareholders
for re-election at the first AGM following their appointment.
Directors over the age of seventy years old are also required to submit
themselves for re-appointment annually, in accordance with Section
129(6) of the Companies Act, 1965. None of the Company Directors
have reached the age of seventy years old.
Induction and Continuous Professional Development
Induction programmes were conducted for all newly appointed
Directors, which included briefings by Senior Management to
provide the Directors with the necessary information to assist them
in understanding the operations of the Group, current issues and
corporate strategies as well as the management structure of the
Company and Group. Site visitation to the Groups plantation and mills
operation, refineries and research centres and various trainings for the
Directors and Senior Management were organised during the year.
Save for Tan Sri Dr. Sulaiman Mahbob, Datuk Dr. Salmiah Ahmad and
Fazlur Rahman Ebrahim, all directors have attended and successfully
completed the Mandatory Accreditation Programme as required by the
Listing Requirements. Tan Sri Dr. Sulaiman Mahbob, Datuk Dr. Salmiah
Ahmad and Fazlur Rahman Ebrahim shall be attending and will
complete the Mandatory Accreditation Programme within prescribed
time set out by the Listing Requirements, All Directors are encouraged
to attend continuous education programmes, talks, seminars,
workshops and conferences to enhance their skills and knowledge
and to ensure Directors keep abreast with new developments in the
business environment and enhance their skills and knowledge.
On an ongoing basis, the Company identifies conferences and seminars
which are beneficial for the Directors to attend. The Company provides
a dedicated training budget for Directors continuing development.
The Directors are also encouraged to attend appropriate external
or internal trainings on subject matter that aids the Directors in the
discharge of their duties as Directors, at the Companys expense.
During the FYE 2013, the Directors have attended the following
training programmes, as deemed necessary, to further enhance their
knowledge to enable them to discharge their duties and responsibilities
more effectively:
a)
b)
a)
c)
b)
c)
117
d)
e)
h)
i)
j)
d)
h)
Board Meetings
i)
During the FYE 2013, the Board met 19 times to deliberate and consider
a variety of significant matters that required its guidance and approval.
j)
118
STAtement on corporate governance
Penyata Tadbir Urus Korporat
All Directors have complied with the requirement that Directors must
attend at least 50 percent of Board Meetings held in the FYE 2013
pursuant to the Listing Requirements. The attendance of the respective
Directors in respect of the Board Meetings held during the FYE 2013
are set out below:
Directors
PENGARAH
Percentage
PERATUS
16 out of 19
16 daripada 19
84.2%
6 out of 10
6 daripada 10
60%
19 out of 19
19 daripada 19
100%
11 out of 11
11 daripada 11
100%
8 out of 9
8 daripada 9
88.9%
Not applicable
Tidak berkenaan
17 out of 19
17 daripada 19
89.5%
10 out of 18
10 daripada 18
55.6%
2 out of 2
2 daripada 2
100%
9 out of 11
9 daripada 11
81.8%
Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
(Re-designated as Independent Non-Executive Director on 24 April 2013)
(Dilantik semula sebagai Pengarah Bukan Eksekutif Bebas pada 24 April 2013)
16 out of 19
16 daripada 19
84.2%
11 out of 19
11 daripada 19
57.9%
8 out of 9
8 daripada 9
88.9%
119
Directors
PENGARAH
Percentage
PERATUS
Not applicable
Tidak berkenaan
Not applicable
Tidak berkenaan
Not applicable
Tidak berkenaan
19 out of 19
19 daripada 19
100%
The agenda for the Board Meetings are set by the Chairman in
consultation with the Group President/CEO and the Company Secretary.
The agenda and supporting papers are distributed in advance for all
Board and Board Committee Meetings to allow time for appropriate
review to facilitate full discussion at the meetings. Board Meeting
agendas and Board Meeting papers which include, among others,
comprehensive management reports, minutes of meetings, project
or investment proposals and supporting documents are targeted
for dissemination to the Directors at least seven days prior to Board
Meetings.
However, papers that are deemed urgent may still be submitted to the
Company Secretary to be tabled to the Board at the Board Meeting,
subject to the approval of the Chairman and the Group President/CEO.
Presentations to the Board are prepared and delivered in a manner
that ensures a clear and adequate presentation of the subject matter.
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121
Non-Executive Directors
Annual Fees
Yuran Tahunan
Board
- RM700,000 (Chairman)
RM120,000 (Non-Executive
Directors)
Lembaga Pengarah
- RM700,000 (Pengerusi)
RM120,000 (Pengarah
Bukan Eksekutif)
Audit Committee
- RM64,000 (Chairman)
- RM32,000 (Non-Executive
Directors)
Jawatankuasa Audit
- RM64,000 (Chairman)
- RM32,000 (Pengarah
Bukan Eksekutif)
Nomination Committee,
Remuneration Committee,
Investment Committee,
Board Steering Committee,
Board Governance & Risk
Management Committee,
Steering Committee for
Project MI and Board Steering
Committee for the Fund Raising
Exercise.
- RM32,000 (Chairman)
- RM16,000 (Non-Executive
Directors)
Jawatankuasa Pencalonan,
Jawatankuasa Imbuhan,
Jawatankuasa Pelaburan,
Jawatankuasa Pemandu Lembaga
Pengarah, Jawatankuasa Tadbi
Urus & Pengurusan Risiko
Lembaga Pengarah, Jawatankuasa
Pemandu bagi Projek MI dan
Jawatankuasa Pemandu Lembaga
Pengarah bagi Pelaksanaan
Pengumnpulan Dana.
- RM32,000 (Pengerusi)
- RM16,000 (Pengarah
Bukan Eksekutif)
- RM35,000 (Chairman)
- RM20,000 (Non-Executive
Directors)
- RM35,000 (Pengerusi)
- RM20,000 (Pengarah
Bukan Eksekutif)
- 2,000
Overseas
(Flight time <= 8 hrs)
- 2,000
Tempatan
- 2,000
- 5,000
Luar Negara
(Masa Penerbangan <= 8 jam)
- 2,000
Overseas
(Flight time > 8 hrs)
- 1,000
Luar Negara
(Masa Penerbangan > 8 jam)
- 5,000
Teleconferencing
- 1,000
Executive Directors
The basic salaries of the Executive Directors are fixed for the duration
of their contract. Any revision to the basic salary will be reviewed and
recommended by the Remuneration Committee and approved by the
Board of Directors, taking into account the individual performance, the
inflation price index, and information from independent sources on the
rates of salary for similar positions in other comparable companies.
The Group operates a bonus scheme for all employees, including the
Executive Directors. Bonuses payable to the Executive Directors are
reviewed by the Remuneration Committee and approved by the Board.
The Executive Directors are not entitled to annual Directors fees nor
entitled to receive any meeting allowances for the Board and Board
Committee meetings that they attend.
Pengarah Eksekutif
Gaji pokok bagi Pengarah Eksekutif ditetapkan untuk tempoh kontraknya.
Sebarang semakan terhadap gaji pokok akan dikaji dan disyorkan oleh
Jawatankuasa Imbuhan dan diluluskan oleh Lembaga Pengarah, dengan
mengambil kira prestasi individu, indeks harga inflasi dan maklumat
daripada sumber bebas mengenai kadar gaji bagi jawatan yang sama
di syarikat-syarikat lain yang setara. Kumpulan mengendalikan satu
skim bonus untuk semua kakitangan, termasuk untuk para Pengarah
Eksekutif. Bonus yang dibayar kepada Pengarah Eksekutif dikaji semula
oleh Jawatankuasa Imbuhan dan diluluskan oleh Lembaga Pengarah.
Pengarah Eksekutif tidak berhak menerima yuran tahunan atau apa-apa
elaun mesyuarat untuk mesyuarat-mesyuarat Lembaga Pengarah dan
Jawatankuasa Lembaga Pengarah yang dihadirinya.
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Directors remuneration for the FYE 2013 in aggregate, with categorization into components, distinguishing between Executive and Non-Executive
Directors, is as follows:
ANNUAL FEES FOR FINANCIAL YEAR 2013
NOMINATION
COMMITTEE
JAWATANKUASA
PENCALONAN
(RM)
REMUNERATION
COMMITTEE
JAWATANKUASA
IMBUHAN
(RM)
SALARY1
GAJI
(RM)
BONUS
BONUS
(RM)
BOARD
LEMBAGA PENGARAH
(RM)
AUDIT COMMITTEE
JAWATANKUASA
AUDIT
(RM)
700,000.00
30,071.00
64,767.00
120,000.00
32,000.00
16,000.00
16,000.00
55,562.00
645,161.29
968,000.00
14,795.00
120,000.00
120,000.00
32,000.00
16,965.00
32,000.00
NAME OF DIRECTORS
NAMA PENGARAH
Non-Independent Non-Executive Director
Pengarah Bukan Eksekutif Bukan Bebas
118,356.00
63,123.00
19,397.00
5,173.00
2,586.00
75,945.00
10,959.00
5,479.00
120,000.00
22,707.00
55,562.00
5,479.00
5,479.00
1,062,500.00
186,275.00
TOTAL AMOUNT/JUMLAH
1,707,661.29
1,154,275.00
1,584,384.00
165,962.00
68,515.00
61,544.00
Executive Director
Pengarah Eksekutif
Notes:
1 Salary not inclusive of the Companys contribution to provident fund.
2 Tan Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah had resigned as Director with
effect from 16 July 2013.
3 Datuk Nozirah Bahari was appointed as an Alternate Director to Tan Sri Dato
Sri Dr. Mohd Irwan Serigar Abdullah on 16 January 2013. She had resigned as
Alternate Director to Tan Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah with effect
from 16 July 2013 and was then appointed as Non-Independent Non-Executive
Director on the same date.
4 Tan Sri Dato Sabri Ahmad had retired as Group President/Chief Executive Officer
with effect from 15 July 2013 and was re-designated as Non-Independent NonExecutive Director on 15 July 2013. He had resigned as Director on 29 August 2013.
5 Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah was re-designated as
Independent Non-Executive Director on 24 April 2013.
6 Datuk Shahril Ridza Ridzuan had resigned as Director with effect from
26 December 2013.
7 Dato Abdul Rahman Ahmad had resigned as Director with effect from
28 February 2013.
8 Dato Paduka Ismee Ismail was re-designated as Independent NonExecutive Director on 24 April 2013.
9 YB Datuk Noor Ehsanuddin Mohd Harun Narrashid was appointed as
Director on 16 July 2013.
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Imbuhan para Pengarah secara agregat bagi TKB 2013, yang dikategorikan ke dalam komponen, membezakan antara Pengarah Eksekutif dan Bukan
Eksekutif, adalah seperti berikut:
YURAN TAHUNAN BAGI TAHUN KEWANGAN 2013
STEERING COMMITTEE
FOR PROJECT MI
JAWATANKUASA
PEMANDU LBAGI
PROJEK MI
(RM)
BOARD STEERING
COMMITTEE FOR
THE FUND RAISING
EXERCISE
JAWATANKUASA
PEMANDU LEMBAGA
PENGARAH
BAGI LANGKAH
PENGUMPULAN DANA
(RM)
INVESTMENT
COMMITTEE
JAWATANKUASA
PELABURAN
(RM)
BOARD STEERING
COMMITTEE
JAWATANKUASA
PEMANDU LEMBAGA
PENGARAH
(RM)
BOARD GOVERNANCE
& RISK MANAGEMENT
COMMITTEE
JAWATANKUASA
TADBIR URUS &
PENGURUSAN RISIKO
LEMBAGA PENGARAH
(RM)
47,000.00
777,071.00
2,000.00
66,767.00
32,000.00
21,129.00
127,000.00
364,129.00
10,000.00
10,000.00
1,008.00
18,000.00
74,570.00
1,973.00
2,000.00
1,631,929.29
10,564.00
10,959.00
7,408.00
2,016.00
53,500.00
204,447.00
3,726.00
10,564.00
5,479.00
14,816.00
112,500.00
348,050.00
789.00
789.00
38,500.00
221,557.00
7,000.00
34,156.00
10,126.00
48,500.00
151,009.00
1,008.00
1,008.00
31,000.00
175,723.00
7,408.00
10,564.00
5,479.00
55,000.00
144,971.00
1,248,775.00
53,260.00
54,794.00
21,917.00
24,021.00
4,821.00
552,000.00
5,453,154.29
Nota-Nota:
1. Gaji tidak termasuk caruman Syarikat kepada tabung simpanan pekerja.
2. Tan Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah telah meletak jawatan sebagai
Pengarah berkuatkuasa dari 16 Julai 2013.
3. Dato Nozirah Bahari telah dilantik sebagai Pengarah Gantian kepada Tan Sri Dato
Sri Dr. Mohd Irwan Serigar Abdullah pada 16 Januari 2013. Beliau telah meletak
jawatan sebagai Pengarah Gantian kepada Tan Sri Dato Sri Dr. Mohd Irwan
Serigar Abdullah berkuatkuasa dari 16 Julai 2013 dan kemudian dilantik sebagai
Pengarah Bukan Eksekutif Bukan Bebas pada tarikh yang sama.
4. Tan Sri Dato Sabri Ahmad telah bersara sebagai Presiden/Ketua Pegawai
Eksekutif Kumpulan berkuatkuasa dari 15 Julai 2013 dan telah dilantik semula
sebagai Pengarah Bukan Eksekutif Bukan Bebas pada 15 Julai 2013. Beliau telah
meletak jawatan sebagai pengarah pada 29 Ogos 2013.
MEETING ALLOWANCE
ELAUN MESYUARAT
(RM)
TOTAL
JUMLAH
(RM)
5. Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah telah dilantik semula
sebagai Pengarah Bukan Eksekutif Bebas pada 24 April 2013.
6. Datuk Shahril Ridza Ridzuan telah meletak jawatan sebagai Pengarah
berkuatkuasa dari 26 Disember 2013.
7. Dato Abdul Rahman Ahmad telah meletak jawatan sebagai Pengarah
berkuatkuasa dari 28 Februari 2013.
8. Dato Paduka Ismee Ismail telah dilantik semula sebagai Pengarah
Bukan Eksekutif Bebas pada 24 April 2013.
9. YB Datuk Noor Ehsanuddin Mohd Harun Narrashid telah dilantik sebagai
Pengarah pada 16 Julai 2013.
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Number of Directors
Range of Remuneration
per annum
Executive
NonExecutive
RM1 to RM50,000
RM50,001 to RM100,000
RM100,001 to RM150,000
Bilangan Pengarah
Julat Imbuhan Setiap
Tahun
Eksekutif
BUkan
Eksekutif
RM150,001 to RM200,000
RM200,001 to RM250,000
RM300,001 to RM350,000
RM350,001 to RM400,000
RM750,001 to RM800,000
RM1,200,001 to RM1,250,000
RM1,600,001 to RM1,650,000
1#
1#
TOTAL
12
JUMLAH
12
BOARD COMMITTEES
1)
Audit Committee;
2)
1)
Jawatankuasa Audit;
3)
Investment Committee;
2)
4)
3)
Jawatankuasa Pelaburan
5)
4)
5)
125
The Audit Committee assists the Board in fulfilling the following key
responsibilities:
Jawatankuasa Audit
(i)
(i)
(ii)
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The Nomination Committee held six (6) meetings during the FYE 2013.
The details of attendance are as follows:
Members
Number of
meetings attended
In 2013
Ahli
Bilangan
mesyuarat dihadiri
pada 2013
6 out of 7
6 daripada 7
6 out of 6
6 daripada 6
7 out of 7
7 daripada 7
3 out of 3
3 daripada 3
(ii)
(ii)
(viii) M e m a s t i k a n b a h a w a L e m b a g a P e n g a r a h m e m e n u h i
tanggungjawabnya yang berpelbagai.
127
(iii) Untuk menilai daya saing teras yang perlu dan wajar bagi setiap
Pengarah agar keseimbangan kemahiran, pengalaman, kepakaran
dan kepelbagaian dikekalkan;
(iv) Untuk menilai bahawa para Pengarah mempunyai gabungan
kecekapan yang sesuai bagi membolehkan Lembaga Pengarah
melaksanakan tanggungjawabnya dengan berkesan;
(v) Untuk mencadangkan atau meluluskan, seperti mana yang
berkenaan, berdasarkan Terma Rujukan, lanjutan kontrak
perkhidmatan Presiden/Ketua Pegawai Eksekutif Kumpulan
dan para Eksekutif Kanan Kumpulan, individu-individu lain yang
menjalankan aktiviti yang mana pada pendapat Lembaga Pengarah
menjejaskan kekukuhan kewangan FGV, dan mana-mana individu
lain yang ditentukan oleh Lembaga Pengarah.
(vi) Untuk mengkaji semula komitmen masa yang diperlukan daripada
Pengarah Bukan Eksekutif dan sama ada Pengarah memenuhi
komitmen tersebut dan juga untuk menjadualkan kajian prestasi
Lembaga Pengarah dari semasa ke semasa. Dalam mengkaji
komposisi dan prestasi Lembaga Pengarah, Jawatankuasa
Pencalonan akan memastikan bahawa tempoh perkhidmatan
seorang Pengarah bebas tidak akan melebihi tempoh kumulatif
selama sembilan tahun. Jika setelah tamat tempoh sembilan
tahun, Pengarah bebas tersebut masih terus berkhidmat dalam
lembaga pengarah, beliau boleh berbuat demikian tertakluk kepada
penetapan semula jawatannya sebagai Pengarah bukan bebas.
Walau bagaimanapun, Lembaga Pengarah boleh, dalam kes-kes
luar biasa dan tertakluk kepada penilaian Jawatankuasa Pencalonan,
memutuskan bahawa seorang Pengarah bebas boleh kekal sebagai
Pengarah bebas selepas menjalani tempoh perkhidmatan kumulatif
selama sembilan tahun. Dalam keadaan sedemikian, Jawatankuasa
Pencalonan harus membantu Lembaga Pengarah dalam membuat
cadangan dan memberi justifikasi kukuh kepada para pemegang
saham dalam mesyuarat agung.
(vii) Untuk menilai secara tahunan keberkesanan keseluruhan Lembaga
Pengarah, Jawatankuasa Lembaga Pengarah dan sumbangan
setiap pengarah secara individu, termasuk menilai kebebasan para
Pengarah Bukan Eksekutif Bebas.
(viii) Untuk menentukan dan melaksanakan proses penilaian tahunan
terhadap keberkesanan keseluruhan Lembaga Pengarah,
Jawatankuasa Lembaga Pengarah dan setiap Pengarah, termasuk
Pengarah Bukan Eksekutif Bebas, Presiden/Ketua Pegawai Eksekutif
Kumpulan serta Eksekutif Kanan, dan melaporkan kepada Lembaga
Pengarah semua penemuan dan cadangannya. Jawatankuasa
Pencalonan hendaklah memastikan bahawa semua taksiran dan
penilaian didokumenkan dengan betul.
(ix) Untuk mencadangkan program-program orientasi, pendidikan dan
latihan yang sesuai untuk melatih dan melengkapkan para Pengarah
sedia ada dan yang baharu serta untuk memastikan terdapat
kenyataan dalam Laporan Tahunan yang dibuat oleh Lembaga
Pengarah yang mengandungi penerangan ringkas mengenai jenis
latihan yang telah dihadiri oleh para Pengarah pada tahun kewangan.
Dalam memilih dan mencadangkan pelantikan Pengarah baharu,
Jawatankuasa Pencalonan akan mengesyorkan calon-calon yang
mempunyai rangkaian kemahiran, pengalaman dan kepakaran
bersesuaian yang akan melengkapkan keberkesanan Lembaga
Pengarah.
(x) Untuk membangunkan pelan penggantian termasuk melantik,
melatih, menetapkan pampasan dan di mana sesuai, menggantikan
para Eksekutif Kanan. Jawatankuasa Pencalonan perlu bekerjasama
dengan Lembaga Pengarah berhubung perancangan penggantian.
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During the FYE 2013, the Nomination Committee considered and made
recommendations to the Board on the following matters :
d)
e)
f)
g)
h)
i)
j)
a)
b)
c)
Penilaian Keberkesanan Lembaga Pengarah, Jawatankuasajawatankuasa Lembaga Pengarah dan para Pengarah secara
Individu;
f)
g)
k)
l)
k)
m)
l)
n)
m)
n)
o)
o)
Pada tahun 2013, Jawatankuasa Imbuhan terdiri daripada dua (2) orang
Pengarah Bukan Eksekutif Bebas dan seorang (1) Pangarah Bukan
Eksekutif Bukan bebas seperti berikut:
1. Dato Yahaya Abd Jabar
Pengerusi Jawatankuasa Pencalonan
(Pengrah Bukan Eksekutif Bebas)
2. Dato Abdul Rahman Ahmad
Ahli
Pengarah Bukan Eksekutif Bebas)
(Meletak jawatan sebagai penagrah pada 28 Februari 2013)
129
The Remuneration Committee held six (6) meetings during the FYE 2013.
The details of attendance are as follows:
Members
Number of
meetings attended
In 2013
Ahli
Bilangan
mesyuarat dihadiri
pada 2013
7 out of 7
7 daripada 7
1 out of 2
1 daripada 2
7 out of 7
7 daripada 7
1 out of 1
1 daripada 1
2 out of 3
2 daripada 3
(ii)
(i)
(ii)
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Penyata Tadbir Urus Korporat
a)
a)
b)
a)
c)
d)
f)
e)
131
a)
c)
d)
e)
d)
f)
a)
b)
a)
c)
b)
d)
c)
e)
d)
f)
e)
g)
f)
g)
h)
h)
i)
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Investment Committee
The Investment Committee was established on 5 August 2010 to assist
the Board of Directors in performing its duties and discharging its
responsibilities in evaluating the Companys investment proposals.
Under its Terms of Reference, the Investment Committee shall consist
of five (5) members comprising a Chairman, three (3) independent
members and one (1) non-independent member, all of whom shall be
duly appointed by the Board. The Chairman must be the representative
of the Board of Directors of the Company.
The Board may also appoint any other persons with relevant
qualifications and experience as the Board thinks appropriate to be a
member(s) of the Committee. The Investment Committee is comprised
of the following members :
1. Datuk Dr. Omar Salim
Chairman of Investment Committee
(Non-Independent Non-Executive Director)
2. Datuk Wira Jalilah Baba
Member
(Independent Non-Executive Director)
(Resigned as director on 19 August 2013)
3. YB Datuk Noor Ehsanuddin Mohd Harun Narrashid
Member
(Independent Non-Executive Director)
(Appointed as director on 16 July 2013)
4. Dato Yahaya Abd Jabar
Member
(Independent Non-Executive Director)
(Appointed as Member on 8 October 2013)
5. Datuk Haji Faizoull Ahmad
Member
(Independent Non-Executive Director)
(Appointed as Member on 8 April 2014)
The Investment Committee, may from time to time, be advised by
externally appointed independent advisors, whom as required, will
be officially appointed by the Board and will be contractually bound
by an official letter of appointment, which includes amongst others,
the confidentiality obligations and contractual agreements under
the Confidentiality and Responsibility Statement as signed with the
Company. At present, the independent advisors to the Investment
Committee are Dato Zakaria Nordin and Datuk Lim Thean Shiang.
The scope and functions of the Investment Committee are as set out
below:
(i) To evaluate proposals on new investments and disposals of
significant value to ensure consistency with the Global Strategy
Blueprint and returns in excess of a hurdle rate adjusted for risk
and performance premium;
(ii) To recommend investments of a prescribed amount as
determined by the Board from time to time under the Group DAL;
Jawatankuasa Pelaburan
Jawatankuasa Pelaburan ditubuhkan pada 5 Ogos 2010 untuk
membantu Lembaga Pengarah menjalankan tugas dan melaksanakan
tanggungjawabnya dalam menilai cadangan pelaburan Syarikat.
Di bawah Terma Rujukannya, Jawatankuasa Pelaburan hendaklah terdiri
daripada lima (5) orang ahli yang terdiri daripada seorang Pengerusi,
tiga (3) orang ahli bebas dan seorang (1) ahli bukan bebas, yang mana
semuanya hendaklah dilantik oleh Lembaga Pengarah. Pengerusinya
mestilah merupakan wakil Lembaga Pengarah Syarikat.
Lembaga Pengarah juga boleh melantik mana-mana individu lain yang
mempunyai kelayakan dan pengalaman yang berkaitan sebagaimana yang
difikirkan sesuai oleh Lembaga Pengarah untuk menjadi ahli (ahli-ahli)
Jawatankuasa ini. Jawatankuasa Pelaburan adalah terdiri daripada ahliahli berikut:
1. Datuk Dr. Omar Salim
Pengerusi Jawatankuasa Pelaburan
(Pengarah Bukan Eksekutif Bukan Bebas)
2. Datuk Wira Jalilah Baba
Ahli
(Pengarah Bukan Eksekutif Bebas)
meletak jawatan sebagai pengarah pada 19 Ogos 2013)
3. YB Datuk Noor Ehsanuddin Mohd Harun Narrashid
Ahli
(Pengarah Bukan Eksekutif Bebas)
(Dilantik sebagai pengarah pada 16 Julai 2013)
4. Dato Yahaya Abd Jabar
Ahli
(Pengarah Bukan Eksekutif Bebas)
(Dilantik sebagai Ahli pada 8 Oktober 2013)
5. Datuk Haji Faizoull Ahmad
Ahli
(Pengarah Bukan Eksekutif Bebas)
(Dilantik sebagai Ahli pada 8 April 2014)
Jawatankuasa Pelaburan boleh, dari semasa ke semasa, mendapat
khidmat nasihat oleh penasihat bebas luar yang dilantik, yang mana
mengikut keperluan, akan dilantik secara rasmi oleh Lembaga Pengarah
dan akan diikat secara kontrak oleh satu surat pelantikan rasmi, yang
meliputi antara lain, obligasi kerahsiaan dan perjanjian berkontrak di bawah
Penyata Kerahsiaan dan Tanggungjawab seperti yang ditandatangani oleh
Syarikat. Pada masa ini, penasihat bebas kepada Jawatankuasa Pelaburan
adalah Dato Zakaria Nordin dan datuk Lim Thean Shiang.
Skop dan fungsi Jawatankuasa Pelaburan adalah seperti yang dinyatakan
di bawah.
(i) Untuk menilai cadangan pelaburan baharu dan pelupusan bernilai
besar untuk memastikan keselarasan dengan Pelan Induk
Strategi Global dan pulangan yang melebihi kadar rintangan yang
diselaraskan untuk risiko dan premium prestasi;
(ii) Untuk mencadangkan pelaburan dengan jumlah yang telah
ditetapkan sebagaimana ditentukan oleh Lembaga Pengarah dari
semasa ke semasa di bawah DAL Kumpulan;
133
(iv) Untuk mengawasi modal semasa dan modal masa depan serta
keperluan sumber kewangan;
Members
Number of
meetings attended
In 2013
Ahli
Bilangan
mesyuarat dihadiri
pada 2013
14 out of 14
14 daripada 14
10 out of 10
10 daripada 10
11 out of 14
11 daripada 14
3 out of 3
3 daripada 3
The Board Steering Committee members shall comprise not less than
five (5) members and not more than seven (7) members, including
the Chairman. The Chairman of the Board Steering Committee must
be the representative of the Board. The Board may also appoint any
other person, up to a maximum of two (2) persons, who have relevant
qualifications and experience as the Board thinks appropriate to be a
member of the Board Steering Committee.
The Board Steering Committee is comprised of the following members:
1. Datuk Dr. Omar Salim
Chairman of the Board Steering Committee
(Non-Independent Non-Executive Director)
2. Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
Member
(Independent Non-Executive Director)
134
STAtement on corporate governance
Penyata Tadbir Urus Korporat
3. Mohd Emir Mavani Abdullah
Member
(Non-Independent Executive Director)
The Board Steering Committee held two (2) meetings during the
FYE 2013. The details of the attendance are as follows:
Members
Number of
meetings attended
In 2013
Ahli
Bilangan
mesyuarat dihadiri
pada 2013
2 out of 2
2 daripada 2
2 out of 2
2 daripada 2
2 out of 2
2 daripada 2
2 out of 2
2 daripada 2
2 out of 2
2 daripada 2
2 out of 2
2 daripada 2
135
136
STAtement on corporate governance
Penyata Tadbir Urus Korporat
(ii)
Risk management
(ii)
Pengurusan Risiko
(b) To advise and report to the Board, the overall risk appetite,
tolerance and strategy on managing business risks.
(c) To report to the Board, key business risks and seek its
approval on the management of key business risks that are
aligned to the Groups risk appetite.
Members
2 out of 2
2 out of 2
(iii) Laporan tadbir urus dan risiko kepada para pemegang saham dan
pihak-pihak berkuasa yang berkaitan.
Untuk mengkaji sebarang laporan berhubung perkara-perkara
yang berkaitan dengan etika tadbir urus Kumpulan dan pengurusan
risiko kepada para pemegang saham dan pihak-pihak berkuasa
berkaitan, termasuk di dalam Laporan Tahunan Syarikat.
(iv)
(v)
Number of
meetings attended
In 2013
Nil
2 out of 2
Ahli
Bilangan
mesyuarat dihadiri
pada 2013
2 daripada 2
2 daripada 2
Tiada
2 daripada 2
137
2. Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
Member
(Independent Non-Executive Director)
2. Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
Ahli
(Pengarah Bukan Eksekutif Bebas)
(i)
(ii)
138
STAtement on corporate governance
Penyata Tadbir Urus Korporat
The Steering Committee for Project MI held nine (9) meetings during the
FYE 2013. The details of the attendance are as follows:
Members
Number of
meetings attended
In 2013
9 out of 9
7 out of 9
7 out of 9
Not applicable
Not applicable
Ahli
Bilangan
mesyuarat dihadiri
pada 2013
9 daripada 9
7 daripada 9
7 daripada 9
Tidak berkenaan
Tidak berkenaan
Under its Terms of Reference, the Board Steering Committee for the
Fund Raising Exercise shall consist of Directors of FGV Board.
1. Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
Chairman of the Board Steering Committee for the Fund Raising
Exercise
(Independent Non-Executive Director)
1. Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
Pengerusi Jawatankuasa Pemandu Lembaga Pengarah bagi
Pelaksanaan Pengumpulan Dana
(Pengarah Bukan Ekseutif Bebas)
139
(i)
(ii)
COMPANY SECRETARY
The Company Secretary has the prerequisite qualifications and
experience to support the Board. The Company Secretary organises
and attends all Board and Board Committee meetings and ensures
meetings are properly convened; accurate and proper records of the
proceedings and resolutions passed are maintained accordingly at
the registered office of the Company; and produced for inspection, if
required.
The Company Secretary is responsible for advising the Board on
issues relating to corporate compliance with the relevant laws, rules,
procedures and regulations affecting the Board and the Group, as
well as best practices of governance. The Company Secretary is also
responsible for advising the Directors of their obligations and duties
to disclose their interest in securities, disclosure of any conflict of
interest in a transaction involving prohibition on dealing in securities
and restrictions on disclosure of price-sensitive information.
All Directors have unrestricted access to the advice and services of
the Company Secretary. The Board through the Board evaluation
assessment questionnaire evaluated the support and services of the
Company Secretary for the fianancial year under review. The removal
of the Company Secretary is a matter for the Board, as a whole.
INSIDER TRADING
In line with the Listing Requirements and the relevant provisions of
the Capital Markets & Services Act 2007, Directors, key management
personnel and principal officers of Felda Global Group are prohibited
from trading in securities or any kind of property based on price
sensitive information and knowledge, which have not been publicly
announced. Notices on the closed period for trading in FGVs shares
are circulated to Directors, key management personnel and principal
officers who are deemed to be privy to any price sensitive information
and knowledge, in advance of whenever the closed period is applicable.
Further information on prohibitions relating to insider trading is
codified in the Directors CoEC and CoBP. A summary of the Directors
CoEC and CoBP is made available on the corporate website.
140
STAtement on corporate governance
Penyata Tadbir Urus Korporat
CONFLICT OF INTEREST
It has been the practice of the Company to require that members of
the Board to make a declaration to that effect at the Board meeting
in the event that they have interests in proposals being considered by
the Board, including where such interest arises through close family
members, in line with various statutory requirements on the disclosure
of Directors interest.
Any interested Directors shall abstain from deliberations and decisions
of the Board on the subject proposal and, where appropriate, excuse
themselves from being physically present during such deliberations.
Further information on conflict of interest is codified in the Directors
CoEC and CoBP. A summary of the Directors CoEC and CoBP is made
available on the corporate website.
SHAREHOLDER COMMUNICATION
The Board recognizes the importance in promoting an effective
communications channel with all shareholders while ensuring
consistency and clarity of disclosures at all times. An effective
communications are aimed to provide its shareholders with transparent
and accurate information of the Groups financial performance and
position.
In this respect, the Company thrives in maintaining a high standard
for the dissemination of relevant and material information of the
Group. The Group Corporate Disclosure Policy provides the proper
framework and guidelines to govern the release of material and
sensitive information so as not to mislead the public and shareholders.
Information that is price sensitive or may be regarded as undisclosed
material information about the Group is not disclosed to any party until
it is already in the public domain through proper disclosure.
FGVs Investor Relations programme ensures a planned and balanced
engagement with its current and potential shareholders providing
a variety of forum including meetings, conference calls, investor
conferences and management presentations. All of investor relations
activities are conducted by FGVs executive management, including
Group Chief Executive Officer, Chief Financial Officer as well as other
divisional management.
The full report on the Investor Relations unit activities are as stated on
page 104 of this Annual Report.
Quarterly Results Analyst Briefings
The Company holds media and analyst results briefings and/or
conference calls chaired by the Group President/Chief Executive
Officer immediately after each announcement of quarterly results
to Bursa Securities. The briefings provide a platform for analysts to
receive a balanced and complete view of FGV Groups performance and
the issues faced.
Investor Meetings
PERCANGGAHAN KEPENTINGAN
Adalah menjadi amalan FGV untuk meminta ahli-ahli Lembaga Pengarah
untuk membuat perisytiharan yang berkaitan pada mesyuarat Lembaga
Pengarah sekiranya mereka mempunyai kepentingan dalam cadangan
yang sedang dipertimbangkan oleh Lembaga Pengarah, termasuk apabila
kepentingan tersebut timbul menerusi ahli keluarga terdekat, selaras
dengan keperluan berkanun berhubung pendedahan kepentingan Pengarah.
Mana-mana Pengarah yang mempunyai percanggahan kepentingan
hendaklah mengecualikan diri daripada perbincangan dan proses membuat
keputusan Lembaga Pengarah mengenai cadangan terbabit dan, di mana
wajar, mengecualikan diri daripada hadir secara fizikal semasa perbincangan
tersebut. Satu ringkasan CoEC dan CoBP Pengarah disediakan di laman
sesawang korporat.
KOMUNIKASI PEMEGANG SAHAM
Lembaga Pengarah mengakui kepentingan menggalakkan saluran
komunikasi yang berkesan dengan semua pemegang saham sambil
memastikan keseragaman dan kejelasan pendedahan sepanjang masa.
Komunikasi yang berkesan bertujuan untuk menyediakan para pemegang
sahamnya dengan maklumat yang telus dan tepat mengenai prestasi dan
kedudukan kewangan Kumpulan.
Sehubungan itu, Syarikat komited dalam mengekalkan piawaian yang tinggi
bagi penyebaran maklumat yang penting dan relevan mengenai Kumpulan.
Dasar Pendedahan Korporat Kumpulan menyediakan rangka kerja dan garis
panduan yang sesuai untuk mentadbir urus pengeluaran maklumat penting
dan sensitif agar tidak mengelirukan orang awam dan pemegang saham.
Maklumat yang sensitive harga atau yang boleh dianggap sebagai maklumat
yang tidak boleh didedahkan mengenai Kumpulan tidak akan didedahkan
kepada mana-mana pihak sehingga ia sudah berada dalam domain awam
menerusi pendedahan yang sewajarnya.
Program Perhubungan Pelabur FGV memastikan komunikasi terancang
dan seimbang dengan pemegang saham semasa dan potensinya melalui
penyediaan pelbagai forum termasuk mesyuarat, panggilan persidangan,
persidangan pelabur dan pembentangan oleh pengurusan. Semua aktiviti
perhubungan pelabur dijalankan oleh pengurusan eksekutif FGV, termasuk
Ketua Pegawai Eksekutif Kumpulan, Ketua Pegawai Kewangan serta
pengurusan bahagian yang lain.
Laporan penuh mengenai aktiviti unit Perhubungan Pelabur disediakan
di muka surat 104 dalam Laporan Tahunan ini.
Taklimat Penganalisis mengenai Keputusan Sukuan Tahun
Syarikat mengadakan taklimat dan/atau persidangan media dan keputusan
penganalisis yang dipengerusikan oleh Presiden/Ketua Pegawai Eksekutif
Kumpulan sejurus selepas setiap pengumuman keputusan suku tahun
kepada Bursa Securities. Taklimat tersebut menyediakan platform bagi
para penganalisis untuk menerima pandangan yang seimbang dan lengkap
mengenai prestasi Kumpulan FGV dan isu-isu yang dihadapinya.
Mesyuarat Pelabur
141
GENERAL MEETINGS
The Groups Extraordinary General Meetings (EGM) and AGM represent
the primary platforms for direct two-way interaction between the
shareholders, Board and Management of the Group. The Chairman,
at the commencement of a general meeting, informs shareholders of
their right to a vote by poll.
The Company sends out the Notice of the AGM and related circulars to
shareholders at least 21 days before the meeting as required under the
Listing Requirements. FGVs first AGM since its listing date was held on
26th June 2013, which acted as a principal forum for dialogue with all
shareholders.
All shareholders were encouraged and given sufficient opportunity
to enquire about the Groups activities and prospects as well as
their expectations and concerns. Shareholders were encouraged to
participate in the Question and Answer session on the resolutions to
be proposed or about the Groups operations in general. Shareholders
who were unable to attend are allowed to appoint proxies in accordance
with the Companys Articles to attend and vote on their behalf. The
Chairman and the Board members are in attendance to provide
clarifications, if any, on shareholders queries. A press conference
is held immediately after the AGM where the Chairman and Group
President/Chief Executive Officer provide updates to the media
representatives on matters pertaining to the Group. The outcome of
the AGM is announced to Bursa Securities on the same day.
142
STAtement on corporate governance
Penyata Tadbir Urus Korporat
DIVIDEND POLICY
The Company presently adopts a dividend pay-out ratio of at least 50%
of its profit after tax (PAT) attributable to shareholders excluding nonrecurring income. The dividend policy also takes into consideration
the level of cash, gearing, return on equity and retained earnings,
expected financial performance, projected levels of capital expenditure
and other investment plans and working capital requirements,
general financial condition, contractual obligations and other factors
considered relevant by the Board.
As the Company is an investment holding company, its income and
therefore its ability to pay dividends is dependent upon the dividends
received from its subsidiaries, which in turn would depend on the
subsidiaries distributable profits, operating results, financial condition,
capital expenditure plans and other factors deemed relevant.
Whilst the dividend policy reflects the Boards current views on
FGV Groups financial and cash flow position, the dividend policy
will be reviewed from time to time. It is the policy of the Board, in
recommending dividends, to allow shareholders to participate in the
Companys profit, as well as to retain adequate reserves for future
growth.
INTERNAL CONTROLS
The Board recognises that the ultimate responsibility for ensuring FGV
Groups sound internal control system and reviewing its effectiveness
lies with the Board. The Statement on Risk Management and Internal
Control which provides the key features of the risk management
framework and an overview of the internal control system of FGV
Group is set out in pages 146 to 157 of this Annual Report.
DASAR DIVIDEN
Syarikat kini menerima pakai nisbah pembayaran dividen pada sekurangkurangnya 50% daripada keuntungan selepas cukai (PAT) milik para
pemegang saham tidak termasuk pendapatan tidak berulang. Dasar dividen
juga mengambil kira paras tunai, penggearan, pulangan ke atas ekuiti
dan pendapatan tersimpan, prestasi kewangan yang dijangkakan, unjuran
tahap perbelanjaan modal serta rancangan-rancangan pelaburan lain dan
keperluan modal kerja, keadaan kewangan umum, obligasi kontrak dan
faktor-faktor lain yang dianggap berkaitan oleh Lembaga Pengarah.
Oleh kerana Syarikat adalah sebuah syarikat pegangan pelaburan,
pendapatan dan keupayaannya untuk membayar dividen adalah bergantung
kepada dividen yang diterima daripada anak-anak syarikatnya, yang
sebaliknya bergantung kepada keuntungan boleh diagihkan, keputusan
operasi, keadaan kewangan, pelan perbelanjaan modal anak-anak syarikat
terbabit dan faktor-faktor lain yang dianggap berkaitan.
Walaupun dasar dividen mencerminkan pandangan terkini Lembaga
Pengarah mengenai kedudukan kewangan dan aliran tunai Kumpulan
FGV, namun dasar dividen itu akan dikaji dari masa ke semasa.
Adalah menjadi dasar Lembaga Pengarah, dalam mengesyorkan dividen,
untuk membenarkan pemegang saham mengambil bahagian dalam
keuntungan Syarikat, selain mengekalkan rizab yang mencukupi untuk
pertumbuhan masa hadapan.
LAPORAN KEWANGAN DAN PENDEDAHAN
Lembaga Pengarah memastikan supaya pemegang saham disediakan
dengan pandangan yang jelas, seimbang dan komprehensif mengenai
prestasi kewangan dan prospek Kumpulan FGV menerusi penyata
kewangan yang telah diaudit, pengumuman keputusan suku tahunan,
Penyata Pengerusi, Tinjauan Perniagaan oleh Presiden/Ketua Pegawai
Eksekutif Kumpulan dalam Laporan Tahunan serta pengumuman korporat
mengenai perkembangan penting yang mempengaruhi Syarikat selaras
dengan Keperluan Penyenaraian.
Lembaga Pengarah berpuas hati bahawa ia telah memenuhi
tanggungjawabnya untuk membentangkan satu penilaian yang seimbang
dan boleh difahami mengenai kedudukan dan prospek Syarikat dalam
Laporan Pengarah di muka surat 316 hingga 318 dan Penyata Kewangan
yang disediakan di muka surat 322 hingga 454 dalam Laporan Tahunan ini.
KAWALAN DALAMAN
Lembaga Pengarah mengakui bahawa tanggungjawab utama untuk
memastikan sistem kawalan dalaman Kumpulan FGV yang kukuh dan kajian
keberkesanannya terletak pada Lembaga Pengarah. Penyata Pengurusan
Risiko dan Kawalan Dalaman yang menyediakan ciri-ciri penting rangka
kerja pengurusan risiko dan tinjauan mengenai sistem kawalan dalaman
Kumpulan FGV dibentangkan di muka surat 146 hingga 157 dalam Laporan
Tahunan ini.
DASAR PENDEDAHAN MAKLUMAT
Sejajar dengan Akta Perlindungan Pendedahan Maklumat 2010, pada
7 Disember 2012 Lembaga Pengarah telah mewujudkan Dasar Pendedahan
Maklumat bagi menggalakkan tatalaku yang telus dan beretika dalam
Kumpulan. Matlamat utama Dasar Pendedahan Maklumat ini adalah
seperti berikut:
143
(ii) To assure the employees that they will be protected from reprisals,
discrimination or victimization for whistle blowing in good faith.
1.
2.
1.
3.
2.
4.
3.
5.
4.
6.
5.
7.
6.
7.
8.
9.
8.
9.
COUNTRY
ITFS#
Indonesia
USA
Thailand
Canada
Malaysia
1800-888-717
Negara
ITFS#
Indonesia
USA
Thailand
Canada
Malaysia
1800-888-717
144
STAtement on corporate governance
Penyata Tadbir Urus Korporat
145
SUSTAINABILITY
FGV Group manages its business responsibly by managing the
environmental, social and governance aspects of its operations. As a
company aspiring to be a globally integrated, diversified multi-national
corporation, FGV is committed to all three principles of sustainability
i.e. people, planet and profit (triple bottom line).
FGV has always encouraged balance between its triple bottom line
and its role as a responsible corporate citizen whilst approaching it
from the four dimensions of marketplace, community, workplace and
environment.
FGV has published its first Sustainability Report in 2014 which is
available on FGVs corporate website. The report represents a new
chapter in FGVs journey and builds on its legacy and commitment to
sustainable business practices. As FGV ramps up its effort towards
implementing the Global Strategic Blueprint, it is important for FGV
to demonstrate transparency in its commitment to sustainability
through measurable and accountable environmental and social targets
towards its stakeholders.
KEMAMPANAN
Kumpulan FGV menguruskan perniagaannya secara bertanggungjawab
dengan mengurus aspek alam sekitar, sosial dan tadbir urus operasinya.
Berdasarkan cita-cta syarikat untuk menjadi sebuah perbadanan multi
nasional berpelbagai yang bersepadu secara global, FGV komited
kepada ketiga-tiga prinsip kemampanan, iaitu manusia, planet dan
keuntungan (asas tiga serangkai).
FGV sentiasa menggalakkan keseimbangan antara asas tiga serangkai
dan peranannya sebagai sebuah warga korporat yang bertanggungjawab
menerusi pendekatan empat dimensi, iaitu pasaran, komuniti, tempat
kerja dan alam sekitar.
FGV telah menerbitkan Laporan Kemampanan pertamanya pada tahun
2014 yang boleh didapati di laman sesawang korporat FGV. Laporan
tersebut mewakili lembaran baharu dalam pengembaraan FGV dan
memanfaatkan warisan dan komitmennya terhadap amalan perniagaan
yang mampan. Dalam usaha FGV mempertingkatkan usahanya
ke arah melaksanakan Pelan Induk Strategik Global, adalah penting
bagi FGV untuk menampilkan ketelusan dalam komitmennya terhadap
kemampanan melalui sasaran alam sekitar dan sosial yang boleh diukur
dan bertanggungjawab terhadap para pemegang kepentingannya.
146
Statement On
RISK MANAGEMENT AND INTERNAL CONTROL
Penyata Pengurusan Risiko dan Kawalan DalamAN
INTRODUCTION
The Board of Directors of Felda Global Ventures Holdings Berhad (FGV or the
Company) is committed and pleased to provide the following Statement on Risk
Management and Internal Control which outlines the scope and nature of risk
management and internal controls of FGV and its Group of Companies (FGV Group)
for the financial year ended 31st December 2013.
This Statement is issued pursuant to Paragraph 15.26 (b) of Bursa Malaysia
Securities Berhads Main Market Listing Requirements and in accordance with
the Statement on Risk Management & Internal Control: Guidelines for Directors
of Listed Issuers.
PENGENALAN
Lembaga Pengarah Felda Global Ventures Holdings Berhad (FGV
atau Syarikat) komited dan berbesar hati menyediakan Penyata
Pengurusan Risiko dan Kawalan Dalaman yang menggariskan skop
dan jenis pengurusan risiko dan kawalan dalaman FGV dan Syarikat
Kumpulannya (Kumpulan FGV) bagi tahun kewangan berakhir 31hb
Disember 2013.
Penyata ini adalah menurut Perenggan 15.26 (b) Keperluan
Penyenaraian Bursa Malaysia Securities Berhad dan mengikut
kepada Penyata Risiko dan Kawalan Dalaman: Panduan untuk
Pengarah Syarikat Tersenarai Awam.
147
BOARDS RESPONSIBILITY
SHAREHOLDER
PEMEGANG SAHAM
Strategy
Strategi
Board Operation
Operasi Lembaga
Chairman
Pengerusi
Board Meeting
Mesyuarat Lembaga
Company Secretary
Setiausaha Syarikat
Reporting & Disclosure
Laporan & Pendedahan
Board Commitees
Jawatankuasa Lembaga
BGRMC
Audit Comm
Jaw Audit
Board of Directors
Achievement of strategic objectives and value creation
Fulll resposibilities and duties in law and prescribed functions
Lembaga Pengarah
Pencapaian objektif strategik dan penciptaan nilai
Melaksanakan tanggungjawab
tangungjawab dan
dantugas
tugasdidisisi
sisiundang-undang
undang-undangdan
dan
fungsi yang ditetapkan
Governance systems
and Controls
Sistem dan Kawalan
Tadbir Urus
Investment Comm
Jaw Pelaburan
Executive Committee
Jawatankuasa Eksekutif
External Audit
Audit Luar
Management
Pengurusan
* Nomination Committee and Remuneration Committee were combined on 20th February 2014
*Jawatankuasa
*JawatankuasaPencalonan
Pencalonandan
danJawatankuasa
JawatankuasaImbuhan
Imbuhantelah
telah digabungkan pada 20 Februari 2014
* 2 other committees i.e : Steering Committee for MI and Board Steering Committee for the Fund Raising Exercise are not included as they do
not constitute key roles in the Groups internal control.
* 2 jawatankuasa lain iaitu : Jawatankuasa Pemandu untuk MI dan Jawatankuasa Pemandu Lembaga Pengarah bagi Pelaksanaan
Pengumpulan Dana tidak disertakan kerana kedua-duanya tidak termasuk dalam peranan penting kawalan dalaman Kumpulan.
148
Statement On RISK MANAGEMENT AND INTERNAL CONTROL
Penyata Pengurusan Risiko dan Kawalan DalamAN
The Board is assisted by four (4) committees. The Board Governance
& Risk Management Committee (BGRMC) oversees the governance
and risk management aspects of the Group. The Audit Committee
(AC) oversees the implementation of a system of internal controls and
audit. The Investment Committee (IC) assists the Board in ensuring
investments undertaken is aligned to the Groups vision and overall
risk appetite. The Nomination & Remuneration Committee (NRC)
determines who goes into the board and who goes out from the
board based on assessment of board members effectiveness and
contribution. Similarly, at the Management level, NRC also determines
the senior management member position from Vice President and
above that goes into the Management and goes out of the Management.
The NRC also determines the quantum of remuneration and benefits
entitled to the board members and management members.
The Board has an on-going process for identifying, evaluating and
managing significant risks faced by the Group. The Board has
delegated the responsibility of monitoring the internal control and risk
management systems to specific Board Committees. There are two (2)
Committees at the Board level that have primary risk management and
internal control oversight responsibilities:
i.
ii.
Audit Committee.
ii.
Jawatankuasa Audit.
149
150
Statement On RISK MANAGEMENT AND INTERNAL CONTROL
Penyata Pengurusan Risiko dan Kawalan DalamAN
INVESTMENT COMMITTEE (IC)
The IC supports the Boards oversight function on the Groups risk
management and internal control on business strategies and new
investments through the following:
151
The key elements of the internal control structures of the Group set the
tone in providing the fundamental discipline on risk management and
control. These internal control structures apply to all of the Groups
investments, except to the following:
Felda Iffco Sdn. Bhd. and Trurich Resources Sdn. Bhd., which are
significant joint ventures companies not managed by the Group.
Felda Iffco Sdn. Bhd. dan Trurich Resources Sdn. Bhd., merupakan
syarikat usaha sama penting yang tidak diuruskan oleh Kumpulan.
Felda Procter & Gamble, Taiko Clay, Paragon, MEO dan lain-lain
merupakan syarikat bersekutu penting.
Assignment of Authority
and Responsibility
Pengagihan Kuasa
dan Tanggungjawab
Ongoing Monitoring
Pemantauan Berterusan
MANAGING RISKS
PENGURUSAN RISIKO
Commitment to Competency
Komitmen kepada
Daya Saing
152
Statement On RISK MANAGEMENT AND INTERNAL CONTROL
Penyata Pengurusan Risiko dan Kawalan DalamAN
1. Integrity and Ethical Values
-
-
-
Integrity Initiatives
The Group had signed the Corporate Integrity Pledge with
the Malaysian Anti-Corruption Commission (MACC) on 9th
April 2012. The signing of the Corporate Integrity Pledge
signifies the Groups unilateral declaration that it will not
be involved with corruption, commit any act of corruption,
work towards creating a business environment that is
free from corruption and will uphold the Anti-Corruption
Principles for Corporations in Malaysia. Several initiatives
undertaken by the Group in FY 2013 are as follows:
1.
Inisiatif Integriti
Kumpulan telah menandatangani Ikrar Integriti Korporat
dengan Suruhanjaya Pencegahan Rasuah Malaysia (SPRM)
pada 9 Mac 2012. Majlis menandatangani Ikrar Integriti Korporat
tersebut menandakan pengisytiharan sehala Kumpulan
bahawa ia tidak akan terlibat dengan rasuah, melakukan
apa-apa perbuatan rasuah, berusaha ke arah mewujudkan
persekitaran perniagaan yang bebas daripada rasuah dan
akan mendokong Prinsip Pencegahan Rasuah bagi Syarikatsyarikat di Malaysia. Inisiatif-inisiatif yang telah dilaksanakan
oleh Kumpulan pada TK 2013 adalah seperti berikut:
-
Program kesedaran integriti bagi Kumpulan FGV 2013
-
Program Lawatan Integriti
-
Program Juara Integriti untuk peningkatan Integriti
- Pelan Integriti
-
Kod Amalan Perniagaan
-
Ikrar Integriti Korporat dan Perjanjian Integriti
- Dasar dan Prosedur Pendedahan Maklumat
Bahagian Pemerolehan Kumpulan juga telah menyemak Kod
Etika Pemerolehan (PCE) bagi menyediakan panduan etika
kepada vendor ketika berurusan dengan Kumpulan. PCE yang
telah disemak semula berkuatkuasa pada 15 Julai 2011. Satu
siri jelajah telah dilaksanakan pada 2012 untuk menjelaskan
tentang PCE kepada kakitangan dan vendor Malaysia. Selain
itu, Perjanjian Integriti juga telah ditandatangani dengan vendor
berdaftar Kumpulan. Sehingga 31 Disember 2012, sejumlah
724 vendor telah menandatangani Perjanjian Integriti tersebut.
153
Organisation Structure
The Group has a comprehensive organisational structure,
which organises the business operations into four (4) core
clusters and support groups. The organisation structure
provides clear lines of reporting, authority and segregation
of duties, which promotes ownership and accountability
for risk taking and defines lines of accountability and
delegated authority for planning, executing, controlling
and monitoring of business operations. The organisational
structure is reviewed on a regular basis to incorporate any
emerging business needs.
Struktur Organisasi
Kumpulan mempunyai struktur organisasi komprehensif yang
menyusun operasi perniagaan kepada empat (4) kelompok dan
kumpulan sokongan teras. Struktur organisasi menyediakan
aliran yang jelas bagi laporan, kuasa dan pembahagian tugas
yang menggalakkan pemilikan dan kebertanggungjawaban
dalam pengambilan risiko selain mentakrif had-had
kebertanggungjawaban dan kuasa yang diwakilkan untuk
perancangan, pelaksanaan, pengawalan dan pemantauan
operasi perniagaan. Struktur organisasi ini dikaji dari semasa
ke semasa untuk disertakan dengan sebarang keperluan
perniagaan baharu.
154
Statement On RISK MANAGEMENT AND INTERNAL CONTROL
Penyata Pengurusan Risiko dan Kawalan DalamAN
Done
Selesai
2
Done
Selesai
30%
KPIs
PMOs
Annual Budget
(according to Global Strategic Blueprint)
Belanjawan Tahunan
(menurut Pelan Induk Strategik Global)
30% PMS
(Soft Skills)
30% PMS
(Kemahiran Insaniah)
70% PMS
155
3.
Commitment to Competency
Program Pelatih
Kumpulan mempunyai program-program Kadet Peladang,
Kadet Kilang, Pelatih Pengurusan dan Pelatih Akauntan
(Program Pelatih) untuk menarik minat graduan berpotensi
tinggi menyertai Kumpulan untuk menyediakan bekalan bakat
amat berwibawa secara berterusan kepada Kumpulan. Selepas
menamatkan latihan lapangan selama 9 bulan dan latihan
di dalam kelas selama 3 bulan, Kadet Peladang yang dipilih
akan diserapkan dan ditempatkan sebagai Penolong Pengurus
di ladang-ladang. Begitu juga dengan Kadet Kilang di mana
selepas menamatkan latihan selama 9 bulan di lapangan
dan 3 bulan di dalam kelas, Kadet Kilang yang terpilih akan
diserap dan ditempatkan sebagai Penolong Pengurus di
kilang-kilang sawit. Pelatih Pengurusan diambil menurut
bidang-bidang tertentu seperti yang diperlukan oleh Kumpulan
dan ditugaskan ke jabatan tertentu serta akan diserapkan ke
dalam Kumpulan setelah berjaya menjalani proses pemilihan.
Pelatih Akauntan dikehendaki melalui pensijilan perakaunan
profesional (iaitu ACCA, ICAEW, CIMA atau yang setaraf) bagi
memastikan Kumpulan disokong oleh individu-individu yang
mempunyai kelayakan yang sesuai.
Pengambilan Luar
Kumpulan FGV juga mengambil bakat-bakat dari pasaran
luar bagi mengisi jawatan-jawatan yang diperlukan oleh
Kumpulan. Kumpulan FGV mengamalkan pengambilan
terbuka berdasarkan merit, kesesuaian, pengalaman industri
berkaitan, nilai tambah dan sinergi kepada Kumpulan.
Trainee Programs
The Group has attractive Cadet Planter, Cadet Mill,
Management Trainee and Accountant Trainee programs
(the Trainee Programs) to attract high potential graduates
to the Group to provide continuous supply of high calibre
talent to the Group. Upon completing 9 months field training
and 3 months classroom training, selected Cadet Planters
will be absorbed and placed as Assistant Manager in the
estates. Similarly, upon completing 9 months field training
and 3 months classroom training, selected Cadet Mills will
be absorbed and placed as Assistant Manager in the palm
oil mills. Management Trainees are hired according to
specific disciplines as required by the Group and attached
to specific department and shall be absorbed into the
Group upon successful selection process. The Accountant
Trainees are placed through professional accounting
certifications (i.e. ACCA, ICAEW, CIMA or equivalent) to
ensure that the Group is supported with properly qualified
individuals.
External Recruitment
FGV Group also recruits talents from open market to fill
positions required by the Group. FGV Group practices open
recruitment based on merit, suitability, relevant industry
experience, value-added and synergy to the Group.
3.
156
Statement On RISK MANAGEMENT AND INTERNAL CONTROL
Penyata Pengurusan Risiko dan Kawalan DalamAN
4. Policies and Procedures
Budgetary Process
Business Planning, which is coordinated and aligned to
specific objectives, is essential to direct the activities of
each business operations towards meeting the Groups
objectives. With this view, the Group emphasises on a
comprehensive annual budgeting process to ensure that
the Groups business plans are in line with the Groups
approved GSB.
5. On-going Monitoring
5.
Pemantauan Berterusan
Proses Belanjawan
157
CONCLUSION
Based on the processes and measures undertaken by the Board and
its Committees during the financial year and assurance provided by
the Group President/Chief Executive Officer and Group Chief Financial
Officer, the Board is of the view that the risk management and internal
control system as described in this Statement is operating adequately
and effectively, in all material aspects, to mitigate the Groups major
risks. The Board continues to take pertinent measures to sustain and,
where required, to improve the Groups risk management and internal
control systems to meet the Groups objectives. There is continual focus
on measures to protect shareholder value and business sustainability.
This statement is made in accordance with a resolution of the Board of
Directors dated 29th April 2014.
KESIMPULAN
Berdasarkan proses dan langkah yang diambil menerusi Lembaga
Pengarah dan Jawatankuasa-jawatankuasanya sepanjang tahun
kewangan serta jaminan yang disediakan oleh Presiden/Ketua Pegawai
Eksekutif Kumpulan dan Ketua Pegawai Kewangan Kumpulan, Lembaga
Pengarah berpendapat bahawa sistem pengurusan risiko dan kawalan
dalaman seperti yang dinyatakan di dalam Penyata ini telah beroperasi
dengan secukupnya dan berkesan, bagi semua aspek penting, dalam
mengurangkan risiko-risiko utama Kumpulan. Lembaga Pengarah akan
terus mengambil tindakan bersesuaian bagi mengekalkan dan di mana
perlu, akan memperbaiki pengurusan risiko Kumpulan dan sistem kawalan
dalamannya untuk memenuhi matlamat Kumpulan. Terdapat tumpuan
berterusan terhadap langkah-langkah untuk melindungi nilai pemegang
saham dan kemampanan perniagaan.
Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah
bertarikh 29 April 2014.
158
The Audit Committee held ten (10) meetings during the financial year
ended 31 December 2013.
The members of the Audit Committee during the financial year 2013
up to 29 April 2014 and the record of their attendance are as follows:
Directors
Pengarah
Designation
Jawatan
Number of meetings
attended in 2013
Bilangan mesyuarat
dihadiri pada 2013
Chairman
Pengerusi
Not applicable
Tidak berkenaan
Member
Ahli
5 out of 7
5 daripada 7
Chairman
Pengerusi
10 out of 10
10 daripada 10
Member
Ahli
10 out of 10
10 daripada 10
Member
Ahli
2 out of 2
2 daripada 2
Member
Ahli
10 out of 10
10 daripada 10
Member
Ahli
4 out of 4
4 daripada 4
159
160
report on the audit committee
Laporan Jawatankuasa Audit
1.
(i)
Tujuan
(i)
(ii)
2.
Composition
b)
c)
(i)
b)
2. Komposisi
c)
161
3. Authority
The Audit Committee shall have the following authorities relating to
FGV Group as empowered by the Board:
3. Kuasa
(i) Untuk menyiasat sebarang aktiviti yang terangkum dalam termaterma rujukannya;
(ii) Untuk memperoleh sumber-sumber yang diperlukan bagi
menjalankan tugasnya;
(iii) Untuk memiliki akses penuh tanpa halangan kepada sesiapa
sahaja di dalam Syarikat dan Kumpulan untuk menjalankan apaapa penyiasatan dan untuk mendapatkan sebarang maklumat
berkaitan operasi dan/atau perniagaan Kumpulan;
(iv) Untuk mengekalkan saluran komunikasi langsung dengan
juruaudit luar dan Ketua Audit Dalaman;
(v) Untuk mendapatkan khidmat nasihat profesional bebas atau
daripada pihak lain;
(vi) Mengadakan mesyuarat dengan juruaudit luar, juruaudit
dalaman atau kedua-duanya, tanpa kehadiran pengarah lain dan
kakitangan Kumpulan, apabila dianggap perlu; dan
(vii) Untuk bermesyuarat secara eksklusif di kalangan mereka,
apabila dianggap perlu.
Jawatankuasa Audit boleh memberi kuasa kepada seorang atau lebih
daripada seorang ahlinya untuk bertemu atau berkomunikasi dengan
juruaudit luar dan/atau juruaudit dalaman secara bebas.
4.
162
report on the audit committee
Laporan Jawatankuasa Audit
b)
c)
d)
e)
f)
g)
(ii)
h)
i)
b)
a)
b)
c)
d)
e)
f)
(ii)
h)
i)
b)
163
c)
d)
d)
e)
f)
e)
f)
g)
g)
h)
h)
(i)
(ii)
c)
(i)
(ii)
menilai kecukupan prosedur, dasar dan syaratsyarat Urusniaga Pihak Berkaitan bagi memastikan
urusniaga yang adil, munasabah dan berdasarkan
terma komersial lazim; tidak lebih memihak kepada
Pihak Berkaitan berbanding dengan yang umumnya
tersedia kepada orang awam dan tidak merugikan
pemegang saham minoriti serta untuk kepentingan
Kumpulan; dan
164
report on the audit committee
Laporan Jawatankuasa Audit
5.
5.
(ii)
(ii)
(i)
Meetings
Mesyuarat
(ii) M e m b a n t u P e n g e r u s i m e r a n c a n g a k t i v i t i
Jawatankuasa Audit;
(iii) Merangka agenda mesyuarat melalui perbincangan
dengan Pengerusi Jawatankuasa Audit, menyimpan
minit, dan merangka aktiviti yang dijadualkan bagi
tahun kewangan. Jika perlu, agenda hendaklah
merangkumi input daripada Presiden/CEO
Kumpulan, Ketua Pegawai Kewangan, Ketua Audit
Dalaman Kumpulan dan/ atau juruaudit luar;
165
(v)
(i)
(ii)
(iv)
(v)
(ii)
6.4 Quorum
(i)
(ii)
6.4 Korum
(i)
(ii)
166
report on the audit committee
Laporan Jawatankuasa Audit
6.5 Minutes
(i) The discussions and conclusions of the Audit
Committee meetings should be minuted and entered
into the minutes register kept by the Company
Secretary;
(ii)
6.5 Minit
Perbincangan dan kesimpulan mesyuarat
Jawatankuasa Audit hendaklah dicatat dan minit
dimasukkan ke dalam daftar minit yang disimpan
oleh Setiausaha Syarikat;
(ii)
(iii)
(i)
Review
7.
Semakan Semula
1.
1.
167
2.
3.
4.
168
report on the audit committee
Laporan Jawatankuasa Audit
6.
5.
TRAINING
During the year, the Audit Committee members attended various
conferences, seminars and training programmes. The training
attended by the Committee members during the financial year ended
31 December 2013 is reported in the Statement on Corporate
Governance on pages 110 to 145 of this Annual Report.
LATIHAN
Pada tahun ini, ahli-ahli Jawatankuasa Audit telah menghadiri pelbagai
persidangan, seminar dan program latihan. Latihan yang dihadiri oleh
ahli Jawatankuasa pada tahun kewangan berakhir 31 Disember 2013
dilaporkan dalam Penyata Tadbir Urus Korporat di muka surat 110
hingga 145 dalam Laporan Tahunan ini.
169
During the financial year, Group Internal Audit has undertaken the
following main activities:
a)
a)
b)
c)
d)
f)
e)
f)
g)
h)
h)
The total cost incurred for Group Internal Audit for the financial year
ended 31 December 2013 is RM11.59 million (2012 : RM9.59 million).
visi
VISION
VALUE
NIlai
Sustaining
A Nation Of
Growing Needs
As we strive to grow our business
in the different sectors, we will
also play our part as a responsible
corporate citizen to help grow the
nation.
Memenuhi
Keperluan
Negara yang
Kian Membangun
Dalam usaha kami
mengembangkan perniagaan
dalam pelbagai sektor, kami
turut memainkan peranan
sebagai warga korporat yang
bertanggungjawab dalam
membantu membangunkan
negara.
Financial
statementS
174
Directors Report
177
Statement By Directors
177
Statutory Declaration
178
180
182
184
186
188
191
313
Supplementary Information
174
DiRECTORS REPORT
The Directors have pleasure in submitting their annual report to the members together with the audited financial statements of the Group and the
Company for the financial year ended 31 December 2013.
PRINCIPAL ACTIVITIES
The Company is principally an investment holding company with investments primarily in oil palm plantation and its related downstream activities,
sugar refining, manufacturing, logistics and others. The principal activities of the subsidiaries are stated in Note 22 to the financial statements.
There have been no significant change in the nature of these activities of the Group and the Company during the financial year other than as disclosed
in Note 56 to the financial statements.
FINANCIAL RESULTS
Group Company
RM000 RM000
Profit attributable to owners of the Company
982,251
611,351
Non-controlling interests
126,047
Profit for the financial year
1,108,298
611,351
DIVIDENDS
Dividends on ordinary shares paid or declared by the Company since 31 December 2012 are as follows:
RM000
In respect of the financial year ended 31 December 2012:
- Final single tier dividend of 8.5 sen per share, paid on 12 July 2013
310,093
In respect of the financial year ended 31 December 2013:
- Interim single tier dividend of 6.0 sen per share, paid on 27 December 2013
218,889
Total 528,982
The Board of Directors are recommending the payment of a final single tier dividend of 10.0 sen per share amounting to RM364.8 million which is not
taxable in the hands of the shareholders pursuant to paragraph 12B of Schedule 6 of the Income Tax Act, 1967, and which is subject to the approval of
the shareholders at the forthcoming Annual General Meeting of the Company.
DIRECTORS
The Directors who have held office since the date of the last report are as follows:
Tan Sri Haji Mohd Isa Dato Hj Abdul Samad
Mohd Emir Mavani Abdullah
Datuk Dr. Omar Salim
Dato Yahaya Abd Jabar
Dato Paduka Ismee Ismail
(Chairman)
175
DIRECTORS (CONTD.)
Tan Sri Dato Dr. Wan Abdul Aziz Wan Abdullah
Datuk Nozirah Bahari
YB Datuk Noor Ehsanuddin Mohd Harun Narrashid
Datuk Dr. Salmiah Binti Ahmad
Datuk Hj. Faizoull Bin Ahmad
Fazlur Rahman Bin Ebrahim
Tan Sri Dr. Sulaiman Bin Mahbob
Tan Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah
Datuk Nozirah Bahari
(Alternate Director to Tan Sri Dato Sri Dr. Mohd Irwan Serigar Abdullah)
Datuk Wira Jalilah Baba
Tan Sri Dato Sabri Ahmad
Datuk Shahril Ridza Ridzuan
DIRECTORS BENEFITS
During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements with the object or objects
of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body
corporate.
Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than as disclosed in Note 12 to the
financial statements) by reason of a contract made by the Company or a related corporation with the Directors or with a firm of which he is a member,
or with a company in which he has a substantial financial interest.
Granted/
At 1.1.13
acquired
Tan Sri Haji Mohd Isa Dato Hj Abdul Samad
180,000
-
Mohd Emir Mavani Abdullah
150,000
-
Datuk Dr. Omar Salim
150,000
-
Dato Yahaya Abd Jabar
150,000
-
Tan Sri Dato Dr. Wan Abdul Aziz Wan Abdullah
150,000
-
(Disposed) At 31.12.13
-
-
-
(150,000)
-
180,000
150,000
150,000
150,000
Granted/
At 1.1.13
acquired
Tan Sri Haji Mohd Isa Dato Hj Abdul Samad
20,000
-
Datuk Dr. Omar Salim
20,000
-
Tan Sri Dato Dr. Wan Abdul Aziz Wan Abdullah
20,000
-
(Disposed) At 31.12.13
-
-
-
20,000
20,000
20,000
Other than as disclosed above, according to the Register of Directors Shareholdings, the Directors in office at the end of the financial year did not hold
any interest in shares and options over shares in the Company, or shares, options over shares and debentures of its related corporations during the
financial year.
176
DIRECTORS REPORT
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and
satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for doubtful debts; and
(b)
to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business their values as shown in the
accounting records of the Group and of the Company had been written down to an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(a)
which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of the
Group and of the Company inadequate to any substantial extent; or
(b)
which would render the values attributed to current assets in the financial statements of the Group and of the Company misleading; or
(c)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading
or inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve (12) months after the end of the
financial year which, in the opinion of the Directors, will or may affect the ability of the Group or the Company to meet their obligations when they fall
due.
At the date of this report, there does not exist:
(a)
any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which secures the liability of any
other person; or
(b)
any contingent liability of the Group and of the Company which has arisen since the end of the financial year.
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements which
would render any amount stated in the financial statements misleading.
In the opinion of the Directors:
(a)
the results of the Groups and the Companys operations during the financial year were not substantially affected by any item, transaction or event
of a material and unusual nature, other than as disclosed in Note 56 to the financial statements; and
(b)
there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and
unusual nature likely to affect substantially the results of the operations of the Group or the Company for the financial year in which this report
is made, other than as disclosed in Note 57 to the financial statements.
AUDITORS
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with a resolution dated 29 April 2014.
TAN SRI HAJI MOHD ISA DATO HJ ABDUL SAMAD MOHD EMIR MAVANI ABDULLAH
CHAIRMAN DIRECTOR
Kuala Lumpur
177
STATEMENT BY DIRECTORS
TAN SRI HAJI MOHD ISA DATO HJ ABDUL SAMAD MOHD EMIR MAVANI ABDULLAH
CHAIRMAN DIRECTOR
Kuala Lumpur
STATUTORY DECLARATION
178
In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries of which we
have acted as auditors have been properly kept in accordance with the provisions of the Act.
(b)
We have considered the financial statements and the auditors reports of all the subsidiaries of which we have not acted as auditors, which are
indicated in Note 22 to the financial statements.
(c)
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Companys financial statements are in
form and content appropriate and proper for the purposes of the preparation of the financial statements of the Group and we have received
satisfactory information and explanations required by us for those purposes.
(d)
The audit reports on the financial statements of the subsidiaries did not contain any qualification or any adverse comment made under Section
174(3) of the Act.
179
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia and for
no other purpose. We do not assume responsibility to any other person for the content of this report.
180
Group Company
2013 2012 2013 2012
Note RM000 RM000 RM000 RM000
Continuing Operations
Revenue
6 12,568,008 12,886,499 550,360 921,735
Cost of sales
(11,689,738)
(11,319,137)
(132,581)
(117,195)
Gross profit 878,270
1,567,362 417,779 804,540
Other operating income
7
508,820
40,512
343,826
105
Selling and distribution costs
(208,183)
(158,146)
-
(250,198) (61,680) (90,984)
Administrative expenses (193,180)
8
(2,181)
(37,464)
(12,396)
(180,002)
Other operating expenses
Other gains/(losses), net
9
494,261
(204,793)
-
-
1,477,807 957,273 687,529 533,659
Operating profit
Finance income
Finance costs
Finance income/(costs) net
10 164,172 107,273
-
139
10 (103,429)
(111,280) (93,168) (93,680)
10
60,743
(4,007)
(93,168)
(93,541)
23
83,368
24
(85,596)
11
1,536,322
201,079
(60,676)
-
-
1,093,669
594,361
440,118
Zakat
13
(32,612)
(16,580)
-
Taxation
14 (366,659) (204,582) 16,990 (4,137)
Profit for the financial year from continuing
1,137,051
872,507
611,351
435,981
operations
Discontinued Operations
(Loss)/profit from discontinued operations
15
(28,753)
Profit for the financial year
1,108,298
32,551
905,058
611,351
435,981
(1,048)
19
(141)
(212)
181
Group Company
2013 2012 2013 2012
Note RM000 RM000 RM000 RM000
Profit attributable to:
Owners of the Company
982,251
805,953
611,351
435,981
Non-controlling interests
126,047
99,105
-
1,108,298 905,058 611,351 435,981
Total comprehensive income attributable to:
1,014,304
763,023
611,370
435,840
Owners of the Company
Non-controlling interests
125,940
99,104
-
1,140,244 862,127 611,370 435,840
Total comprehensive income attributable to
equity shareholders arises from:
1,043,057
730,472
611,370
435,840
- Continuing operations
- Discontinued operations
(28,753)
32,551
-
1,014,304 763,023 611,370 435,840
17
Basic and diluted EPS (sen)
- From continuing operations
27.7
27.3
- From discontinued operations
(0.8)
1.2
26.9 28.5
182
Group Company
2013 2012 2013 2012
Note RM000 RM000 RM000 RM000
ASSETS
Non-current assets
Property, plant and equipment
Investment properties
Intangible assets
Investment in subsidiaries
Interests in associates
Interests in joint ventures
Prepaid lease payments
Receivables
Biological assets
Deferred tax assets
Available for sale financial assets
19
5,682,552
1,683,316
9,547
551
20
129,628
40,378
-
21 876,261 707,099 5,965 5,749
22
-
-
8,024,403
2,901,093
23
371,063
2,386,306
-
1,775,226
24
547,564
333,577
-
25
40,969
715
-
27 84,441 8,198
-
29 2,447,265 1,864,224
-
48
1,281,465
1,479,710
21,257
6,435
30
211,575
-
-
-
11,672,783 8,503,523 8,061,172 4,689,054
Current assets
Inventories
31 1,740,099 597,667
-
Biological assets
29 41,491 41,662
-
Receivables
27
1,351,512 742,765 174,974 301,047
Amount due from a significant shareholder
28
81,923
73,091
377
52,442
28
-
-
58,584
39,447
Amounts due from subsidiaries
Amount due from joint ventures
28
421,838
318,224
-
28
37
-
-
Amount due from an associate
Amounts due from other related companies
28
29,060
503,650
61
63,776
177,575 23,217 18,617 16,037
Tax recoverable
Financial instruments at fair value through
profit or loss
32
12,955
-
-
Derivative financial instruments
33
3,499
5,189
-
Cash and cash equivalents
34
5,028,873
5,688,372
1,902,463
4,183,705
8,888,862 7,993,837 2,155,076 4,656,454
Assets held for sale
35
159,920
1,941
-
9,048,782 7,995,778 2,155,076 4,656,454
Total assets 20,721,565 16,499,301 10,216,248 9,345,508
EQUITY AND LIABILITIES
Capital and reserves
Share capital
Share premium
Foreign exchange reserve
Reorganisation reserve
Other reserves
Retained earnings
6,571,008
2,374,788
6,102,364
857,815
7,378,570
-
7,296,182
-
183
Group Company
2013 2012 2013 2012
Note RM000 RM000 RM000 RM000
Non-current liabilities
Borrowings
Loan due to a significant shareholder
Land lease agreement (LLA) liability
Provisions
Provision for defined benefit plan
Deferred tax liabilities
Financial guarantee contract
43 11,801 509
-
44
2,473,828
1,620,714
2,473,828
1,620,714
45
4,458,623
5,167,831
-
46 32,291 4,500
-
47
34,686
19,429
101
186
48
620,192
91,461
-
49 - - -
26,952
Current liabilities
Payables
50 1,349,184 348,688 19,705 32,235
Loan due to a significant shareholder
44
223,962
219,557
223,962
219,557
Amounts due to a significant shareholder
28
386,921
93,826
3,833
66
Amounts due to subsidiaries
28
-
-
88,734
78,676
Amount due to joint ventures
28
23,000
-
-
Amount due to an associate
28
-
69,510
-
69,510
Amounts due to other related companies
28
4,723
755,023
563
1,430
Derivative financial liabilities
33
15,361
1,668
-
Borrowings
43 1,638,109 599,160
-
Provisions
46 82 412 - Current tax liabilities
21,900
49,896
-
LLA liability
45 385,767 496,938
-
Financial guarantee contract
49 - -
26,952 4,049,009 2,634,678 363,749 401,474
Liabilities related to assets held for sale
35
95,339
-
-
4,144,348 2,634,678 363,749 401,474
Total liabilities
11,775,769 9,539,122 2,837,678 2,049,326
Total equity and liabilities
20,721,565
16,499,301
10,216,248
9,345,508
(212)
(212)
(212)
4,538
(21,216)
(495,367)
(545,660)
1,391,033
845,373
- 1,679,150 6,571,008 2,374,788 8,945,796
(33,615)
- -
16,677 -
14,928 - -
660
32,265
(107)
32,158
Total comprehensive income for the
financial year - -
16,677 -
14,928 - -
982,699
1,014,304
125,940
1,140,244
At 1 January 2013 3,648,152 3,371,685 (84,016) (2,088,969) 20,027 10,052 33,615 1,191,818 6,102,364 857,815 6,960,179
Profit for the financial year - - - - - - -
982,251
982,251
126,047
1,108,298
2013
Foreign
Re Share Share
exchange
organisation Available Capital
Retained Non capital premium reserve reserve for sale
redemption earnings
controlling Total
(Note 36)
(Note 38)
(Note 39)
(Note 40)
reserve
reserve
Others
(Note 42) Total
interests
equity
Group Note
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
184
- 3,371,685 (84,016) (2,088,969) 20,027 10,052 33,615 1,191,818 6,102,364 857,815 6,960,179
Issuance of shares
36
1,880,540 -
3,479,000 - - - - - -
5,359,540 -
5,359,540
Redemption of redeemable
37 & 38
-
(9,005)
(881,783)
-
-
-
9,005
-
(9,005)
(890,788)
-
(890,788)
preference shares
Share issue expenses
38 - -
(107,315) - - - - - -
(107,315) -
(107,315)
Acquisition of a subsidiary 22(d) - - - - - - - - - - 35 35
Additional investment in a
761
761
subsidiary - - - - - - - - - -
Dividends paid:
- for the financial year ended
31 December 2013
16 - - - - - - - -
(200,648)
(200,648) -
(200,648)
Dividends paid to non-controlling
(65,447)
(65,447)
interests of subsidiaries - - - - - - - - - -
- - -
(23,408) -
(13,499) - -
(4,975)
(41,882)
(1)
(41,883)
Total comprehensive income for the
(23,408) -
(13,499) - -
799,930
763,023
99,104
862,127
financial year - - -
1,767,612 9,005 881,783 (60,608)
(2,088,969) 33,526 1,047 33,615 601,541
1,178,552 823,362
2,001,914
At 1 January 2012
1,767,612
9,005
881,783
(60,608)
2,347,742
33,526
1,047
33,615
601,541
5,615,263
823,362
6,438,625
Effects of acquisition of
plantation estates
22 (d) - - - -
(4,436,711) - - - -
(4,436,711) -
(4,436,711)
2012
Redeemable
Foreign
Re Share preference Share
exchange organisation Available Capital
Retained Non
capital
shares
premium
reserve
reserve
for sale redemption
earnings controlling Total
Group Note
(Note 36)
(Note 37)
(Note 38)
(Note 39)
(Note 40)
reserve
reserve
Others
(Note 42) Total
interests
equity
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
185
186
3,648,152
3,371,685
1,459
10,052
264,834
7,296,182
611,351
611,351
19
19
611,370
611,370
3,648,152
3,371,685
10,052
348,681
7,378,570
187
Non-distributable Distributable
Redeemable Capital
Share
preference Share Capital
redemption
Retained
capital
shares premium contribution
reserve
earnings
Company Note
(Note 36)
(Note 37)
(Note 38)
(Note 41)
(Note 41)
(Note 42) Total
RM000 RM000 RM000 RM000 RM000 RM000 RM000
2012
At 1 January 2012
1,767,612
9,005
881,783
1,459
1,047
38,647
2,699,553
(141)
(141)
Total comprehensive
income for the financial
year - - - - -
435,840
435,840
Issuance of shares
36
1,880,540 -
3,479,000 - - -
5,359,540
Redemption of
redeemable
preference shares 37 & 38
-
(9,005)
(881,783)
-
9,005
(9,005)
(890,788)
Share issue expenses
38 - -
(107,315) - - -
(107,315)
Dividend paid:
- for the financial
year ended
31 December 2012
16
-
-
-
-
-
(200,648)
(200,648)
Total transactions with
owners
1,880,540
(9,005)
2,489,902
- 3,371,685
-
1,459
9,005
(209,653)
4,160,789
188
1,108,298
905,058
611,351
435,981
Adjustments for:
Continuing operations
Taxation
Zakat
Negative goodwill arising from business combinations
Gain on fair value remeasurement of acquisition of
a subsidiary
Depreciation of property, plant and equipment
Impairment loss on property, plant and equipment
Reversal of impairment of property, plant and equipment
Property, plant and equipment written off
Gain on disposal of property, plant and equipment
Loss on disposal of property, plant and equipment
Depreciation of investment properties
Impairment loss in investment property
Gain on disposal of investment properties
Amortisation of intangible assets
Reversal of impairment of intangible assets
Amortisation of prepaid lease payments
Accelerated depreciation of biological assets
Impairment loss on biological assets
Biological assets written off
Gain on disposal of assets held for sale
Impairment loss on investment in a subsidiary
Loss on disposal of subsidiaries
Gain on disposal of associate
Loss on disposal of joint venture
Impairment of loan due from a related company
Impairment/(reversal) of receivables
Provision/(reversal) for inventory written down
Share of results from associates
Share of results from joint ventures
Net unrealised foreign exchange loss
Dividend from subsidiaries
Dividend from associates
Finance expense
Finance income
Other (gains)/losses, net
Provision for retirement benefits
Share based payments
Financial guarantee contract expense
366,659
32,612
(67,581)
204,582
16,580
-
(16,990)
-
-
4,137
-
(263,280)
98,818
40,000
-
2,335
(5,978)
2,032
224
1,622
(4,508)
11,064
-
150
8,682
663
32,195
(5,381)
-
-
(26,673)
-
-
611
1,012
(83,368)
85,596
26,683
-
-
103,429
(164,172)
(494,261)
563
-
-
-
88,818
32,300
(15,497)
697
(1,810)
-
463
-
-
11,098
(23,878)
70
8,656
4,316
13,638
-
-
-
-
-
26,952
(79)
(536)
(201,079)
60,676
2,905
-
-
111,280
(107,273)
204,793
2,523
25,723
-
-
779
-
-
5
-
-
-
-
-
1,608
-
-
-
-
-
-
12,391
-
(343,822)
-
-
-
-
-
-
-
(273,819)
(76,863)
93,168
(123,797)
-
(32)
-
-
189
468
115,356
4,528
36,890
947
(529,895)
(196,997)
93,680
(67,475)
21
25,723
13,476
Discontinued operation:
Share of results from joint venture
28,753
(32,551)
836,799
1,338,425
(116,021)
(62,971)
189
Group Company
2013 2012 2013 2012
Note RM000 RM000 RM000 RM000
Operating profit/(loss) before working capital changes
brought forward
836,799
1,338,425
(116,021)
(62,971)
(180,075)
25,945
30,607
31,557
151,782
(161,554)
40,092
(349,274)
(132,206)
115,631
-
-
(1,033)
59,145
(12,530)
3,225
(118,328)
25,781
745,303
715,017
52,908
(85,109)
(252,269)
(67,319)
(8,364)
-
-
551,435
(147,016)
(69,224)
(16,145)
(54,690)
-
-
(9,780)
-
(1,824)
-
-
551,435
(50)
(6,217)
820,683
-
(1,578,276)
(43)
(105)
(9,884)
(29)
(1,309)
(3,536,008)
-
-
(283,400)
-
6,116
6,513
6,187
-
-
-
75,033
-
-
(12,719)
-
76,863
(29,552)
(38,984)
-
-
-
195,110
-
-
(51,218)
-
319,011
158,782
(1,180,417)
314,502
113,190
(1,203,135)
(165,536)
(2,569,602)
(221,709)
190
STATEMENTS OF CASH FLOWS
Group Company
2013 2012 2013 2012
Note RM000 RM000 RM000 RM000
CASH FLOWS FROM FINANCING ACTIVITIES
Drawdown of loan from a significant shareholder
Repayment of loan to a significant shareholder
Drawdown of borrowings
Repayment of borrowings
Net (repayment of)/proceeds from bankers
acceptances
Repayment of LLA liability
Dividend paid to shareholders
Dividend paid to non-controlling interests
Finance expense paid
Decrease in fixed deposits pledged for
bank facilities
Proceeds from issuance of shares, net of
share issuance expenses
1,067,400
(214,286)
1,097,884
(716,955)
-
-
100,000
(475,523)
1,067,400
(214,286)
-
-
316,679
(320,259)
(432,000)
(325,894)
(528,982)
(72,337)
(96,213)
172,700
(388,103)
(200,648)
(65,447)
(104,176)
-
-
(528,982)
-
(88,680)
(200,648)
(93,856)
15,369
305,277
305,067
4,325,962
4,325,962
(206,014)
3,670,042
235,452
4,332,945
(663,846)
4,219,523
(2,281,242)
4,026,127
19,716
(4,004)
2,633
5,673,003
1,457,484
4,183,705
154,945
5,028,873
5,673,003
1,902,463
4,183,705
34
Company
(i)
(ii)
On 14 November 2013, the Company subscribed for 23,206,521 ordinary shares of RM1.00 each from Felda Global Ventures Downstream
Sdn. Bhd. (FGVD), a wholly owned subsidiary of the Company, by conversion of amount due from FGVD of RM23,206,521.
On 18 December 2013, the Company subscribed for 8,874,529 ordinary shares of RM1.00 each from Felda Global Ventures Plantation Sdn.
Bhd. (FGVP), a wholly owned subsidiary of the Company, by conversion of amount due from FGVP of RM8,874,529.
(b)
Company
(i)
(ii)
On 31 December 2012, the Company subscribed for 1,142,038,242 RCPS of RM0.01 each from FGVD, by conversion of amount due from
FGVD of RM1,142,038,242.
On 31 December 2012, the Company subscribed for 196,493,801 RCPS of RM0.01 each from FGVP, by conversion of amount due from FGVP
of RM196,493,801.
191
GENERAL INFORMATION
The Company is principally an investment holding company with investments primarily in oil palm plantation and its related downstream
activities, sugar refining, manufacturing, logistics and others. The principal activities of the subsidiaries are stated in Note 22 to the financial
statements. There have been no significant change in the nature of these activities of the Group and the Company during the financial year other
than as disclosed in Note 56 to the financial statements.
The Company is incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad.
The registered office and principal place of business of the Company is located at Level 42, Menara Felda, Platinum Park, No.11 Persiaran KLCC,
50088 Kuala Lumpur.
BASIS OF PREPARATION
The financial statements of the Group and of the Company have been prepared in accordance with the Financial Reporting Standards (FRS) and
the requirements of the Companies Act, 1965 in Malaysia.
The Group includes transitioning entities and has elected to continue to apply FRS during the financial year. In the next financial year, the Group
will continue to apply FRS. The Group will be adopting the new IFRS-compliant framework, Malaysian Financial Reporting Standards (MFRS)
when the MFRS Framework is mandated by the Malaysian Accounting Standard Board (MASB). In adopting the new framework, the Group will
be applying MFRS 1 First-time adoption of MFRS.
The financial statements of the Group and of the Company have been prepared under the historical cost convention unless otherwise indicated
in the individual policy statements in Note 3 to the financial statements.
The preparation of financial statements in conformity with FRS requires the use of certain critical accounting estimates and assumptions. It
requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period.
Actual results could differ from these estimates.
It also requires management to exercise judgment in the process of applying the Group and the Companys accounting policies. The areas
involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are
disclosed in Note 5.
(i)
Standards, amendments to published standards and interpretations adopted by the Group and the Company as at 1 January 2013:
The adoption of the above standards, amendments to published standards and interpretations did not have a significant financial impact on
the Group and the Company, and did not result in substantial changes in the Groups accounting policies, except for the following standards
which have an impact on the Group and the Company:
Amendment to FRS 101 Presentation of Items of Other Comprehensive Income requires entities to separate items presented in
Other Comprehensive Income (OCI) in the statement of comprehensive income into two groups, based on whether or not they may
be recycled to profit or loss in the future.
FRS 12 Disclosures of Interests in Other Entities sets out the required disclosures for all forms of interest in other entities,
including joint arrangements, associates, structured entities and other off balance sheet vehicles. It requires entities to disclose
information that helps financial statement readers to evaluate the nature, risks and financial effects associated with the entitys
interests in subsidiaries, associates, joint arrangements and unconsolidated structured entities.
192
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(i)
Standards, amendments to published standards and interpretations adopted by the Group and the Company as at 1 January 2013: (Contd.)
FRS 13 Fair Value Measurement aims to improve consistency and reduce complexity by providing a precise definition of fair value
and a single source of fair value measurement and disclosure requirements for use across FRSs. The requirements do not extend the
use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other
standards. The enhanced disclosure requirements are similar to those in FRS 7 Financial Instruments: Disclosures, but apply to all
assets and liabilities measured at fair value, not just financial ones.
The adoption of these standards, amendments to published standards and interpretations resulted in additional disclosures in the financial
statements.
(ii)
Amendment to published standards that is applicable to the Group and the Company and has been early adopted:
During the financial year, the Group and the Company has early adopted Amendment to FRS 136 Impairment of assets (effective from 1
January 2014) and has applied this standard from the financial year commencing 1 January 2013.
Amendments to FRS 136 Impairment of Assets removed certain disclosures of the recoverable amount of cash generating units (CGU)
which had been included in FRS 136 by the issuance of FRS 13.
The effect of early adoption is not significant to the Group and the Company.
(iii) Standards, amendments to published standards and interpretations to existing standards that are applicable to the Group and the
Company but not yet effective and have not yet been early adopted:
Effective from financial period beginning 1 January 2014
Amendment to FRS 132 Financial Instruments: Presentation (effective from 1 January 2014) does not change the current offsetting
model in FRS 132. It clarifies the meaning of currently has a legally enforceable right of set-off that the right of set-off must be
available today (not contingent on a future event) and legally enforceable for all counterparties in the normal course of business. It
clarifies that some gross settlement mechanisms with features that are effectively equivalent to net settlement will satisfy the FRS
132 offsetting criteria.
Amendments to FRS 10, FRS 12 and FRS 127 (effective from 1 January 2014) introduce an exception to consolidation for investment
entities. Investment entities are entities whose business purpose is to invest funds solely for returns from capital appreciation,
investment income or both and evaluate the performance of its investments on fair value basis. The amendments require investment
entities to measure particular subsidiaries at fair value instead of consolidating them.
IC Interpretation 21 Levies (effective from 1 January 2014) sets out the accounting for an obligation to pay a levy that is not income
tax. The interpretation clarifies that a liability to pay a levy is recognised when the obligating event occurs. Obligating event is the
event identified by the legislation that triggers the payment of the levy.
The Group and the Company will apply the above standards from the financial period beginning on 1 January 2014.
The effects of the above standards are currently being assessed by the Directors.
Effective for annual periods beginning on or after 1 July 2014 with earlier application permitted
Amendments to FRS 2 Share-based Payments (effective on or after 1 July 2014) clarifies the definition of vesting conditions by
separately defining performance condition and service condition to ensure consistent classification of conditions attached to a
share-based payment.
Amendments to FRS 3 Business Combinations (effective on or after 1 July 2014) clarifies that when contingent consideration
meets the definition of financial instrument, its classification as a liability or equity is determined by reference to FRS 132 Financial
Instruments: Presentation.
It is also clarifies that contingent consideration that is classified as an asset or a liability shall be subsequently measured at fair value
at each reporting date and changes in fair value shall be recognised in profit or loss.
193
Amendments to FRS 8 Operating Segments (effective on or after 1 July 2014) requires the disclosure of judgements made in
applying the aggregation criteria to operating segments. This includes a brief description of the operating segments that have been
aggregated and the economic indicators that have been assessed in determining that the aggregated operating segments share
similar economic characteristics.
It is also clarifies that reconciliation of the total reportable segments assets to the entitys assets is required if that amount is
regularly provided to the chief operating decision maker.
Amendments to FRS 13 Fair Value Measurement (effective on or after 1 July 2014) relates to the IASBs Basis for Conclusions
which is not an integral part of the Standard. The Basis for Conclusions clarifies that when IASB issued IFRS 13, it did not remove the
practical ability to measure short-term receivables and payables with no stated interest rate at invoice amounts without discounting,
if the effect of discounting is immaterial.
Amendments to FRS 116 Property, Plant and Equipment (effective on or after 1 July 2014) clarifies the accounting for the
accumulated depreciation when an asset is revalued. It clarifies that the gross carrying amount is adjusted in a manner that is
consistent with the revaluation of the carrying amount of the asset and the accumulated depreciation is calculated as the difference
between the gross carrying amount and the carrying amount of the asset after taking into account accumulated impairment losses.
Amendments to FRS 138 Intangible Assets (effective on or after 1 July 2014) clarifies the accounting for the accumulated
amortisation when an asset is revalued. It clarifies that the gross carrying amount is adjusted in a manner that is consistent with the
revaluation of the carrying amount of the asset and the accumulated amortisation is calculated as the difference between the gross
carrying amount and the carrying amount of the asset after taking into account accumulated impairment losses.
Amendments to FRS 124 Related Party Disclosures (effective on or after 1 July 2014) extends the definition of related party to
include an entity, or any member of a group of which it is a part, that provides key management personnel services to the reporting
entity or to the parent of the reporting entity.
The Group and the Company will apply the above standards from the financial period beginning on 1 July 2014.
The effects of the above standard are currently being assessed by the Directors.
FRS 9 Financial Instruments: Classification and Measurement of Financial Assets and Financial Liabilities (effective date yet
to be determined by Malaysian Accounting Standards Board) replaces the parts of FRS 139 that relate to the classification and
measurement of financial instruments. FRS 9 requires financial assets to be classified into two measurement categories: those
measured as at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification
depends on the entitys business model for managing its financial instruments and the contractual cash flow characteristics of the
instrument. For financial liabilities, the standard retains most of the FRS 139 requirements. The main change is that, in cases where
the fair value option is taken for financial liabilities, the part of a fair value change due to an entitys own credit risk is recorded in other
comprehensive income rather than the income statement, unless this creates an accounting mismatch. The Group is yet to assess
FRS 9s full impact. The Group will also consider the impact of the remaining phases of FRS 9 when completed by the Board.
The Group and the Company will apply this standard when it is determined by Malaysian Accounting Standards Board.
The effects of the above standard are currently being assessed by the Directors.
194
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
195
(b)
(c)
Disposal of subsidiaries
When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost,
with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently
accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other
comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities.
This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
(d) Goodwill
Goodwill represents the excess of the cost of acquisition of subsidiaries, associates and joint ventures over the Groups share of the
fair value of their identifiable net assets including contingent liabilities at the date of acquisition. Goodwill on acquisition in respect of a
subsidiary is included in the consolidated statement of financial position as intangible assets, or if arising in respect of an associate or joint
ventures, is included in investments in associates or joint ventures. Negative goodwill represents the total of consideration transferred,
non-controlling interest recognised and previously held interest measured being less than where the fair value of the net assets of the
subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units
(CGUs), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the
goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential
impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value
less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.
(e) Associates
Associates are those corporations, partnerships or other entities in which the Group exercises significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the
equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased
or decreased to recognise the investors share of the profit or loss of the investee after the date of acquisition. The Groups investments in
associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts
previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
196
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Associates (Contd.)
The Groups share of post-acquisition profit or loss is recognised in profit or loss, and its share of post-acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the
investment. When the Groups share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured
receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on
behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If
this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its
carrying value and recognises the amount adjacent to share of profit/(loss) of an associate in profit or loss.
Profits and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the
Groups financial statements only to the extent of unrelated investors interests in the associates. Unrealised losses are eliminated unless
the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where
necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in associates are recognised in profit or loss.
Where necessary, in applying the equity method, appropriate adjustments are made to the associates financial statements to ensure
consistency with the Groups accounting policies.
In the Companys financial statements, investments in associates are shown at cost less accumulated impairment losses.
Where an indication of impairment exists, the carrying amount of the investments in associates is assessed and written down immediately
to its recoverable amount (Note 3(h)).
On disposal of the associates, the difference between net disposal proceeds and its carrying amount is charged/ credited to profit or loss.
(f)
Joint arrangements
A joint arrangement is an arrangement of which there is contractually agreed sharing of control by the Group with one or more parties,
where decisions about the relevant activities relating to the joint arrangement require unanimous consent of the parties sharing control.
The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to
the arrangement. A joint venture is a joint arrangement whereby the joint venturers have rights to the net assets of the arrangement. A
joint operation is a joint arrangement whereby the joint operators have rights to the assets and obligations for the liabilities, relating to the
arrangement.
Joint ventures
The Groups interest in joint ventures is accounted for in the financial statements by the equity method of accounting. Under the equity
method of accounting, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Groups share
of the post-acquisition profits or losses and movements in other comprehensive income with a corresponding adjustment to the carrying
amount of the investment. When the Groups share of losses in a joint venture equals or exceeds its interests in the joint ventures (which
includes any long-term interests that, in substance, form part of the Groups net investment in the joint ventures), the Group does not
recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Groups interest in the joint
ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Joint operations
In relation to the Groups interest in joint operations, the Group recognises its assets (including its share of any assets held jointly),
liabilities (including its share of any liabilities incurred jointly), revenue from the sale of its share of the output arising from the joint
operation (including share of the revenue from the sale of the output by the joint operation) and expenses (including its share of any
expenses incurred jointly).
197
(f)
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category
if it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term. Derivatives are categorised as
held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled
within 12 months; otherwise, they are classified as non-current.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured
at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. The Group did not apply hedge accounting during the financial year.
(ii)
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These
are classified as non-current assets. The Groups loans and receivables are as disclosed in Note 52.
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other
categories. They are included in non-current assets unless the investment matures or Directors intends to dispose of it within 12
months of the end of the reporting period.
198
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(h)
199
(i)
Financial liabilities
Financial liabilities are recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual
provisions of the financial instrument.
Financial liabilities are recognised initially at fair value, plus, in the case of financial liabilities other than derivatives, directly attributable
transactions costs.
Subsequent to initial recognition, all financial liabilities are measured at amortised cost using the effective finance method except for the
LLA liability and derivatives in a loss position which are measured at fair value through profit and loss.
For financial liabilities other than the LLA liability and derivatives, gains and losses are recognised in profit or loss when the liabilities are
derecognised, and through the amortisation process.
Gains or losses arising from changes in fair value of the LLA liability and derivatives are recognised in profit or loss within other gains/
losses, net. Net gains or losses on derivatives include exchange differences.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the statement of financial position date.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale.
200
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(j)
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.
Depreciation on property, plant and equipment ceases at the earlier of derecognition and classification as held for sale. Depreciation on
assets under construction commences when the assets are ready for their intended use.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in other operating income
in profit or loss.
At each statement of financial position date, the Group assess whether there is any indication of impairment. If such an indication exists, an
assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated
recoverable amount. See significant accounting policies Note 3(o) on impairment of non-financial assets.
201
Investment properties
Investment properties are held for long-term rental yields or for capital appreciation or both, and are not occupied by the Group.
Investment property is measured initially at its cost, including related transaction costs and borrowing costs if the investment property
meets the definition of qualifying asset.
After initial recognition, investment property is stated at cost less any accumulated depreciation and impairment losses. Freehold land is
not depreciated as it has an infinite life. All investment properties are depreciated on a straight line basis to write off the cost of each asset
to their residual values over their estimated useful lives as follows:
Investment properties
Leasehold land
Buildings
90
30 to 50
Subsequent expenditure is capitalised to the assets carrying amount only when it is probable that future economic benefits associated
with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs
are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.
Investment property is derecognised either when it has been disposed of or when the investment property is permanently withdrawn from
use and no future economic benefit is expected from its disposal. Gains and losses on disposals are determined by comparing net disposal
proceeds with the carrying amount and are included in other operating income in profit or loss.
At each statement of financial position date, the Group assess whether there is any indication of impairment. If such an indication exists, an
assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated
recoverable amount. See significant accounting policies Note 3(o) on impairment of non-financial assets.
(l)
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair values as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortisation and any accumulated impairment losses.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised on
a straight-line basis over the estimated economic useful lives and assessed for impairment whenever there is an indication that the
intangible asset may be impaired. If such an indication exists, an assets carrying amount is written down immediately to its recoverable
amount if the assets carrying amount is greater than its estimated recoverable amount. See significant accounting policies Note 3(o) on
impairment of non-financial assets.
The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each statement
of financial position date.
Intangible assets with indefinite useful lives and intangible assets under development are not amortised but tested for impairment annually
or more frequently if the events or changes in circumstances indicate that the carrying value may be impaired either individually or at the
cash-generating unit level. The useful life of an intangible asset with an indefinite life is also reviewed annually to determine whether the
useful life assessment continues to be supportable.
Intangible assets are amortised using the straight-line basis over their estimated useful lives as follows:
Brand
Completed technology
Lease agreement
Customer relationships
Trade name
Software
Amortisation on intangible assets under development commences when the assets are ready for their intended use.
20 years
9 years
18 years
9 years
5 years
3 - 5 years
202
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Brand is related to a sugar brand Prai acquired as part of the acquisition of the sugar business.
(ii)
Completed technology is related to a license for a subsidiary to use certain technologies involved with producing oleic tallow.
(iii) Lease agreement is related to a lease agreement for a subsidiary to lease several assets to a customer, acquired as part of a
business combination. Twin Rivers Technologies Holdings, Inc. (TRTH), is the lessor of a portion of its facility to a tenant under a
non-cancellable operating lease. This property includes natural oil tanks and an oil pipeline system.
(iv) Customer relationships are related to contracts for a subsidiary to sell its product to several customers.
(v)
Trade name is related to the trade name Twin Rivers Technologies acquired as part of the acquisition of the fatty acids business
operation in USA.
(vi) Software relates to information technology (IT) used within the Group.
(vii) Intangible assets under development relates to IT system under development and land use rights for an oil palm plantation in
Kalimantan, Indonesia, that is still subject to relevant approvals from the authorities.
(m) Biological assets
Oil palm and rubber plantations
Biological assets are new development costs which are accounted for under the capital maintenance method. Under the capital
maintenance method, planting development costs incurred (for example land clearing and upkeep of trees) up to the maturity period of
zero (0) to three (3) years for oil palm and zero (0) to seven (7) years for rubber are capitalised and not amortised, and are shown as a noncurrent asset net of accumulated impairment losses.
Biological assets will be subject to accelerated depreciation if the existing planted area has been earmarked by the Directors for replanting
with a different crop, after writing down the carrying amount to its recoverable amount.
Replanting expenses are charged to profit or loss in the year in which they are incurred.
When the planted area is replanted with a different crop, the carrying value of the existing biological assets is expensed off in profit or loss
and the planting development costs in respect of the new crop is capitalised.
Land reclaimed by FELDA in accordance with the provisions of the LLA, the carrying value of the biological assets on the said land is
derecognised in profit or loss at the earlier of end of the contractual notice period or date taken over by FELDA, if earlier.
Nursery
Nursery costs comprise costs of oil palm and rubber seedlings and the associated development costs incurred (for example fertilising and
weeding) in preparing the nursery. Nursery costs relating to new planting are transferred to oil palm and rubber plantations upon reaching
a certain level of maturity, which is between ten (10) to twelve (12) months for oil palm and five (5) to six (6) months for rubber, while other
types (resold or replanted) are charged to profit or loss.
Where an indication of impairment exists, the carrying amount of the biological asset is assessed and written down immediately to its
recoverable amount. See significant accounting policies Note 3(o) on impairment of non-financial assets.
203
Cattle are raised for grazing purposes, of which there is no management over the transformation of the biological assets. Purchased
cattle are initially stated at cost. Cattle are stated at cost less accumulated depreciation and impairment losses. The cost of an item
of cattle initially recognised includes its purchase price and any cost that is directly attributable to bringing the cattle to the location
and condition necessary for it to be capable of operating in the manner intended by management. Cost also includes borrowing costs
that are directly attributable to the acquisition or production of a qualifying asset.
New-born cattle are stated at standard cost based on market value of cattle ageing below 3 months as at valuation date. Cattle are
depreciated on a straight line basis to write off the cost over their estimated useful lives of 5 years.
(ii) Canine
Canine are bred and trained for security purposes. All direct costs for canine are accumulated until it matures. Subsequent to that,
the costs that have been capitalised are amortised based on a straight line method over its expected useful productive life. The
estimate maturity period for canine are 2 years old, having completed all required training and applying 8 years as the period of
amortisation.
Where an indication of impairment exists, the carrying amount of the biological asset is assessed and written down immediately to
its recoverable amount. See significant accounting policies Note 3(o) on impairment of non-financial assets.
Sugar cane
Sugar cane comprises new planting development costs which are accounted for under the capital maintenance method. Under the capital
maintenance method, new planting development costs incurred (e.g. land clearing, planting and upkeep of trees) up to their maturity is
capitalised and not amortised and are shown as historical costs less accumulated impairment losses.
However, the capitalised costs will be amortised to statement of comprehensive income on a straight-line basis over the remaining lease
period if the sugar cane are planted on leasehold land and the remaining lease period is shorter than the economic useful life of the sugar
cane.
Where an indication of impairment exists, the carrying amount of the biological asset is assessed and written down immediately to its
recoverable amount. See significant accounting policies Note 3(o) on impairment of non-financial assets.
(n) Inventories
Inventories which consist of commodities based products and their related derivatives are stated at the lower of cost and net realisable
value. Cost is determined using the weighted average and first-in first-out basis.
The cost of raw materials comprises direct costs of purchase. The costs of finished goods and work-in-progress comprise costs of raw
materials, direct labour, other direct costs and appropriate proportions of manufacturing overheads based on normal operating capacity.
It excludes borrowing costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses.
(o)
204
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(r)
Foreign currencies
Functional and presentation currency
Items included in the financial statements of each of the Groups entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). The financial statements are presented in Ringgit Malaysia (RM),
which is the Companys functional and presentation currency, and the Groups presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions
or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or
loss, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in profit or loss.
Changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are analysed between
translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the
security. Translation differences related to changes in amortised cost are recognised in profit or loss, and other changes in carrying
amount are recognised in equity.
205
assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement
of financial position;
(ii) income and expenses for each statement of comprehensive income are translated at average rate (unless this average is not
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions); and
(iii) all resulting exchange differences are recognised in the foreign exchange reserve as a separate component of equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities
and translated at closing rate. Exchange differences arising are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment in foreign entities and long-term advances are
taken to the foreign exchange reserve within equity. When a foreign operation is sold, such exchange differences are recognised in profit
or loss as part of the gain or loss on disposal.
(s)
Government grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and
the Group will comply with all attached conditions.
Government grants relating to costs are recognised in profit or loss over the periods to match the related costs for which the grants are
intended to compensate.
Government grants relating to the purchase of assets are presented as a reduction of the carrying amount of the related assets. The
government grant is recognised in profit or loss over the life of the related property, plant and equipment as a reduced depreciation
expense.
(t)
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of
the Groups activities. Revenue is presented net of goods and services tax, returns, rebates and discounts and after eliminating sales within
the Group.
Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the Group and the amount
of the revenue can be measured reliably.
The following specific recognition criteria must also be met before revenue is recognised:
(i)
Revenue from sales of fresh fruit bunches (FFB), crude palm oil (CPO), biodiesel, palm kernel (PK) and rubber cup-lump.
Revenue is typically recognised upon the delivery of goods, when significant risks and rewards from ownership of the goods are
transferred to the buyer.
(ii)
Revenue from production and distribution of fatty acids, vegetable oil, protein meal, refined sugar and molasses.
Revenue is typically recognised upon the delivery of goods, when significant risk and rewards of ownership of the goods are
transferred to the buyer.
206
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Subsidy received from the Government of Malaysia for certain products sold relates to the difference between estimated market price
and the controlled price determined by the Government for sale of the product in the domestic market limited to the amount agreed
with the Government on an annual basis. This subsidy is credited to profit or loss and recognised as part of revenue in the accounting
period in which the corresponding sales of goods are recognised.
Revenue from rendering of services, including management fees and tolling arrangements, are recognised when the related services
are performed, by reference to completion of the specific services.
(v)
Finance income
Finance income is recognised using the effective finance method. When a loan or a receivable is impaired, the Group reduces the
carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective finance rate
of the instrument, and continues unwinding the discount as finance income. Finance income on impaired loan and receivables are
recognised using the original effective finance rate.
Rental income related to rental of properties and plants are recognised over the period of tenancy or usage, as appropriate.
Dividend income is recognised when the right to receive is established. This applies even if they are paid out of pre-acquisition profits.
However, the investment may need to be tested for impairment as a consequence.
Compensation receivable is estimated based on areas reclaimed by FELDA, recognised at the earlier of the contractual notice period
or date taken over by FELDA, if earlier.
Dividend distribution
Dividends on ordinary shares are recognised as liabilities when proposed or declared before the statement of financial position date. A
dividend proposed or declared after the statement of financial position date, but before the financial statements are authorised for issue,
is not recognised as a liability at the statement of financial position date.
(v)
(w) Leases
(i) Classification
A lease is recognised as a finance lease if it transfers substantially to the Group all the risks and rewards incidental to ownership.
Leases of land and buildings are classified as operating or finance leases in the same way as leases of other assets and the land and
buildings elements of a lease of land and buildings are considered separately for the purposes of lease classification. All leases that
do not transfer substantially all the risks and rewards are classified as operating leases.
207
Operating lease payments are recognised as an expense on a straight-line basis over the term of the relevant lease. The aggregate
benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.
When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of
penalty is recognised as an expense in the period in which termination takes place.
Initial direct costs incurred by the Company in negotiating and arranging operating leases are recognised in profit or loss when
incurred.
Payment for rights to use land and buildings over a predetermined period is classified as prepaid lease payments and is stated at cost
less accumulated amortisation and accumulated impairment losses. The prepaid lease payments are amortised on a straight-line
basis over the lease period of up to 49 years.
Assets leased out under operating leases are presented on the statement of financial position according to the nature of the assets.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease (Note 3(t) (vi)). Initial
direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognised on a straight-line basis over the lease term.
(x)
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as
finance leases. Finance leases are capitalised at the leases commencement at the lower of the fair value of the leased property and
the present value of the minimum lease payments.
Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate of finance on the remaining
balance of the liability. The corresponding rental obligations, net of finance charges, are included in other long-term payables. The
finance element of the finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of
finance on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is
depreciated over the shorter of the useful life of the asset and the lease term.
Initial direct costs incurred by the Group in negotiating and arranging finance leases are added to the carrying amount of the leased
assets and recognised as an expense in profit or loss over the lease term on the same basis as the lease expense.
Employee benefits
(i)
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the associated services
are rendered by employees. Short-term accumulating compensated absences such as paid annual leave are recognised when
services are rendered by employees that increase their entitlement to future compensated absences. Short-term non-accumulating
compensated absences such as sick leave are recognised when the absences occur.
(ii)
Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities
or funds and will have no legal or constructive obligation to pay further contributions if any of the funds do not hold sufficient assets
to pay all employee benefits relating to employee services in the current and preceding financial years. Such contributions are
recognised as an expense in profit or loss as incurred.
208
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
A defined benefit plan is a retirement plan that defines an amount of retirement benefits to be paid, usually as a function of one or
more factors such as age, years of service or compensation.
Certain companies within the Group operate non-funded defined benefit retirement plans. Under the plan, retirement benefits
are determinable by reference to employees earnings, designation and years of service and payable upon attaining the normal
retirement age.
The liabilities in respect of defined benefit plans are the present value of the defined benefit obligations at the statement of financial
position date less the fair value of plan assets, together with adjustments for actuarial gains/losses and unrecognised past service
costs. The Group determines the present value of the defined benefit obligations with sufficient regularity such that the amounts
recognised in the financial statements do not differ materially from the amounts that would be determined at the statement of
financial position date.
The defined benefit obligations, calculated using the projected unit credit method, are determined by independent actuaries,
considering the estimated future cash outflows using market yields at statement of financial position date of government securities
that are denominated in the currency in which the benefits will be paid and that have terms of maturity approximating to the terms of
the related pension obligation.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to
equity in other comprehensive income in the period in which they arise.
Current service costs, past service costs and finance costs are recognised in immediately in profit or loss.
(y)
The Group pays termination benefits in cases of termination of employment within the framework of a restructuring. Termination
benefits are recognised as a liability and an expense when the Group has a detailed formal plan for the termination and is without
realistic possibility of withdrawal.
Contingent liabilities
The Group does not recognise a contingent liability but discloses its existence in the financial statements. A contingent liability is a possible
obligation that arises from past events whose existence will be confirmed by the occurrence and non-occurence of one or more uncertain
future events beyond the control of the Group or a present obligation that is not recognised because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises in the extremely rare case where there is a liability that
cannot be recognised because it cannot be measured reliably. However contingent liabilities do not include financial guarantee contracts.
(z)
Equity instruments
Ordinary shares and special share are classified as equity. Other shares are classified as equity and/or liability according to the economic
substance of the particular instrument.
The transaction costs of an equity transactions are accounted for as a deduction from equity, net of tax. Equity transaction costs comprise
only those incremental external costs directly attributable to the equity transaction which would otherwise have been avoided.
209
the Group has a present legal or constructive obligation as a result of past events;
it is probable that an outflow of resources will be required to settle the obligation; and
a reliable estimate of the amount can be made.
When it is probable that costs will exceed total contract revenue, a provision for onerous contract is recognised.
Where the Group expects a provision to be reimbursed (for example, under an insurance contract), the reimbursement is recognised as a
separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering
the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in
the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due
to passage of time is recognised as a finance cost.
(ad) Non-current assets and disposal groups held for sale
Non-current assets and disposal groups (a group of assets to be disposed of in a single transaction and liabilities directly associated with
those assets) are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through
continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for
sale in its immediate condition. Management must be committed to the sale, which should be expected within one year from the date of
classification as held for sale.
Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured in accordance with the
Groups accounting policies. Thereafter, the assets (or disposal group) are recognised at the lower of their carrying amount and fair value
less cost to sell. Assets classified as held for sale, or included within a disposal group that is classified as held for sale, are not depreciated.
Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are included in the income
statement. Gains are not recognised in excess of any cumulative impairment loss.
A discontinued operation is a component of the Groups business that represents a separate major line of business or geographical area of
operations or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or
when the operation meets the criteria to be classified as held for sale, if earlier. A disposal group that is to be abandoned may also qualify.
210
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
211
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to the United State Dollar (USD) and the Canadian Dollar (CAD). Foreign exchange risk arises from future commercial
transactions, recognised assets and liabilities and net investments in foreign operations but excludes interest in foreign joint
ventures and associates. The Group manages its currency exposure through foreign currency forward contracts.
A 10% strengthening/weakening of the USD and CAD against the Malaysian Ringgit (RM) at the date of statement of financial
position would have an impact to Groups profit after tax approximately of RM16,077,000 higher/lower (2012: RM17,076,000 higher/
lower), mainly as a result of foreign exchange gains/losses on translation of foreign currency denominated trade receivables and
payables, financial assets at fair value through profit or loss and foreign exchange losses/gains on translation of foreign currency
denominated borrowings. The analysis assumes that all other variables remain constant.
(ii)
Price risk
Price risk is the risk that the fair value or future cash flows of the Groups financial instruments will fluctuate because of changes in
market prices (other than finance or exchange rates).
The Group is exposed to equity price risk arising from its investment in quoted and unquoted equity instruments. The quoted equity
investments are listed on the Bursa Malaysia and foreign stock exchanges and classified as available-for-sale financial assets or
financial asset at fair value through profit or loss based on the purpose for which the quoted equity investments were acquired.
Unquoted investments are valued using the Price Earnings (PE)/Price to Book (PB) comparative method and classified as
available-for-sale financial assets. The sensitivity analysis in relation to equity price risk is as follows:
Group
2013
Impact
to profit Impact
Financial
after tax
to equity
assets Sensitivity factor
RM000
RM000
Available-for:
- sale
- unquoted
- quoted
Fair value through profit
or loss
- quoted
Total impact
There is no comparative impact for 2012.
-
-
9,014
205
680
680
9,219
212
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
The Group is exposed to commodity price risk since the prices crude palm oil (CPO), sugar, soy bean and their derivatives are
subject to fluctuations due to unpredictable factors such as weather, change of global demand, global production, crude oil prices
and global production of similar and competing crops.
Revenue of the Group is therefore subject to price fluctuations in the commodity market. The Group uses derivative contracts to
mitigate a portion of such risks.
As at 31 December 2013, a sensitivity analysis has been performed based on the Groups exposure to commodity prices as at
settlement date for the Groups LLA liability and commodity derivative portfolios. A 10% increase in certain commodity price indexes
or a RM100 increase in CPO prices assumed in calculating the LLA liability, with all other variables being held constant, would
increase or decrease the Groups profit after tax, by type of commodity and financial liability, by approximately:
2013 2012
RM000 RM000
- Palm oil
- Sugar
- LLA liability
(8,163)
-
(181,000)
(1,483)
971
(108,750)
(189,163)
(109,262)
A 10% decrease in certain commodity price indexes or a RM100 decrease in CPO prices assumed in calculating the LLA liability, with
all other variables being held constant, would increase or decrease the Groups profit after tax, by type of commodity and financial
liability, by approximately:
2013 2012
RM000 RM000
- Palm oil
- Sugar
- LLA liability
8,163
-
193,000
1,483
(971)
117,750
201,163
118,262
213
The Groups finance rate risk mainly arises from LLA liability and term loans. LLA liability and term loans issued at variable rates
expose the Group to cash flow finance rate risk. The Groups borrowings from a significant shareholder and other borrowings except
for term loans are at a fixed rate.
The finance rate profile of the Groups finance bearing financial assets, based on carrying amounts as at the end of the reporting
period was:
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Financial assets
At fixed rate
Fixed deposits
At floating rate
75,306
If finance rates on its floating rate financial assets had been 10 basis points higher/lower with all other variables held constant, the
profit after tax of the Group will increase/decrease by approximately RM nil (2012: RM571,000).
The finance rate profile of the Groups finance bearing financial liabilities, based on carrying amounts as at the end of the reporting
period was:
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Financial liabilities
At fixed rate
Loan due to a significant shareholder
Revolving credits
Bankers acceptances
Bank overdrafts
Export credit refinancing
2,697,790
136,642
1,395,736
24,500
80,000
1,840,271
-
561,000
-
-
2,697,790
-
-
-
-
1,840,271
-
Term loans
LLA liability
13,032
4,844,390
38,669
5,664,769
-
-
9,192,090
8,104,709
2,697,790
1,840,271
At floating rate
If finance rates on its floating rate financial liabilities and discount rate on LLA liability increased/decreased by 50 basis points with
all other variables held constant, the profit after tax of the Group will decrease by RM213,000,0000 and increase by RM242,250,000
respectively.
Other financial assets and financial liabilities are non-finance bearing, and therefore are not affected by changes in finance rates.
214
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group adopts the policy of dealing with customers with an appropriate credit history, and obtaining sufficient security where appropriate,
including payments in advance, to mitigate credit risk. The financial assets exposure can be illustrated as follows:
Collateral held Net
2013
Financial assets
as security
exposure
RM000
RM000
RM000
Group
Trade receivables
Other receivables
Amount due from a significant shareholder
Amount due from joint ventures
Amount due from an associate
Amounts due from other related companies
Derivative financial assets
Company
Other receivables
Amount due from a significant shareholder
Amounts due from subsidiaries
Amounts due from other related companies
174,532
377
58,584
61
-
-
-
-
174,532
377
58,584
61
Collateral held Net
2012
Financial assets
as security
exposure
RM000
RM000
RM000
Group
Trade receivables
Other receivables
Amount due from a significant shareholder
Amount due from joint ventures
Amounts due from other related companies
Derivative financial assets
490,537
174,825
73,091
318,224
503,650
5,189
-
-
-
-
-
-
490,537
174,825
73,091
318,224
503,650
5,189
299,314
52,442
39,447
63,776
-
-
-
-
299,314
52,442
39,447
63,776
Company
Other receivables
Amount due from a significant shareholder
Amounts due from subsidiaries
Amounts due from other related companies
Trade receivables, amount due from an associate, joint ventures and other related parties exposure are closely monitored and continuously
followed up. The Group generally has no significant concentration of credit risk due to the Groups large number of customers other than
sales transactions made to certain related parties as disclosed in Note 28 and Note 53.
The Groups cash and cash equivalents were largely placed with major financial institutions in Malaysia. The Directors are of the view that
the possibility of non-performance by these financial institutions, including those non-rated financial institutions, is remote on the basis of
their financial strength
215
Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations due to shortage of funds. The Group maintains a
sufficient level of cash and cash equivalents to meet the Groups working capital requirements by closely monitoring its cash flows. Due to
the nature of its business, the Group has adopted prudent liquidity risk management in maintaining and obtaining sufficient credit facilities
from financial institutions.
Cash flow forecasting is performed in the operating entities of the Group and then aggregated by management. Management monitors
rolling forecasts of the Groups liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining
sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or
covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Groups debt financing plans,
covenant compliance, compliance with internal statements of financial position ratio targets and, if applicable, external regulatory or legal
requirements for example, currency restrictions.
Surplus cash held by the operating entities over and above balances required for working capital management is transferred to the
Groups centralised treasury function. Surplus cash is invested in profit bearing current accounts, time deposits, money market deposits
and marketable securities, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as
determined by the above-mentioned forecasts.
The table below analyses the Groups non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity
groupings based on the remaining maturity periods at the reporting date to the contractual maturity dates. Derivative financial liabilities are
included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The table below
summaries the maturity profile of the Groups and Companys financial liabilities based on the remaining maturity periods at the statement
of financial position date. The amounts disclosed in the table are based on contractual undiscounted cash flows.
Group
At 31 December 2013
Loan due to a significant shareholder
LLA liability
Amount due to a significant shareholder
Amount due to joint ventures
Amounts due to other related companies
Derivative financial liabilities
Borrowings
Payables
Total undiscounted financial liabilities
Less than
Between 1
Between 2
Over
1 year
and 2 years
and 5 years
5 years Total
RM000 RM000 RM000 RM000 RM000
343,916
333,236
935,628
1,908,881
3,521,661
385,767
366,844
1,130,085
96,115,434
97,998,130
386,921
-
-
-
386,921
23,000
-
-
-
23,000
4,723
-
-
-
4,723
1,120,132 - - -
1,120,132
1,638,109
1,665
4,995
4,899
1,649,668
1,349,184 - - -
1,349,184
5,251,752
701,745
2,070,708
98,029,214
106,053,419
At 31 December 2012
Loan due to a significant shareholder
LLA liability
Amount due to associate
Amount due to a significant shareholder
Amounts due to other related companies
Derivative financial liabilities
Borrowings
Payables
Total undiscounted financial liabilities
297,694
359,607
780,738
797,615
2,235,654
496,938
489,467
1,441,288
114,470,458
116,898,151
69,510
-
-
-
69,510
93,826
-
-
-
93,826
755,023
-
-
-
755,023
106,680 - - -
106,680
599,410 255 254 -
599,919
348,688 - - -
348,688
2,767,769
849,329
2,222,280
115,268,073
121,107,451
216
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Less than
Between 1
Between 2
Over
1 year
and 2 years
and 5 years
5 years Total
RM000 RM000 RM000 RM000 RM000
343,916
88,734
3,833
563
19,705
26,952
333,236
-
-
-
-
-
935,628
-
-
-
-
-
1,908,881
-
-
-
-
-
3,521,661
88,734
3,833
563
19,705
26,952
483,703
333,236
935,628
1,908,881
3,661,448
At 31 December 2012
Loan due to a significant shareholder
Amounts due to subsidiaries
Amount due to an associate
Amount due to a significant shareholder
Amounts due to other related companies
Payables
Financial guarantee contract
Total undiscounted financial liabilities
297,694
359,607
780,738
797,615
2,235,654
78,676
-
-
-
78,676
69,510
-
-
-
69,510
66
-
-
-
66
1,430
-
-
-
1,430
32,235
-
-
-
32,235
- 10,458 10,458 10,458 31,374
479,611
370,065
791,196
808,073
2,448,945
(b)
The Groups primary objectives on capital management policies are to safeguard the Groups ability to maintain healthy capital ratios to
continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal
capital structure to reduce the cost of capital.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust
the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No
changes were made in the objectives, policies or processes during the financial year ended 31 December 2013 and 31 December 2012.
The Group monitors capital using a gearing ratio, which is total debt divided by total equity attributable to owners of the Company. The
Group includes borrowings, loan due to a significant shareholder and LLA liability within its total debt. Equity attributable to owners of the
Company includes share capital, redeemable preference shares, share premium, reserves and retained earnings.
217
The gearing ratio analysis for the Group and the Company are as disclosed below:
Group
Borrowings
Loan due to a significant shareholder
LLA liability
Total debt
Equity attributable to owners of the Company
Gearing ratio
2013
RM000
2012
RM000
1,649,910 599,669
2,697,790
1,840,271
4,844,390
5,664,769
9,192,090
8,104,709
6,571,008
6,102,364
140%
133%
The increase in the gearing ratio during the financial year ended 31 December 2013 resulted primarily from the additional loan obtained
from a significant shareholder amounting to RM1,067,400,000 for the acquisition of Felda Holdings Bhd. (FHB).
Borrowings
Loan due to a significant shareholder
Total debt
Equity attributable to owners of the Company
Gearing ratio
2013
RM000
2012
RM000
1,649,910 599,669
2,697,790
1,840,271
4,347,700
2,439,940
6,571,008
6,102,364
66%
40%
Company
Loan due to a significant shareholder
Total equity
Gearing ratio
2013
RM000
2012
RM000
2,697,790
1,840,271
7,378,570
7,296,182
37%
25%
218
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Financial instruments that are measured in the statement of financial position at fair value are disclosed by the following fair value
measurement hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices) (Level 2).
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The following table presents the Groups assets and liabilities that are measured at fair value at 31 December 2013 and 31 December 2012:
2013
Level 1 Level 2 Level 3 Total
RM000 RM000 RM000 RM000
Assets
Financial assets at fair value through profit or loss:
(i) Derivatives
- Foreign exchange forward contracts
- Commodities futures contracts
(ii)
Trading securities
-
1,841
-
1,841
1,658
-
-
1,658
12,955 - -
12,955
24,273
187,302
211,575
129,628
129,628
Investment properties
Total assets
Liabilities
Financial liabilities at fair value through profit or loss:
(i) LLA liability
(ii) Derivatives
- Foreign exchange forward contracts
- Commodities futures contracts
Total liabilities
4,844,390
4,844,390
-
1,730
13,631
-
-
-
13,631
1,730
1,730
13,631
4,844,390
4,859,751
219
The following table presents the Groups assets and liabilities that are measured at fair value at 31 December 2013 and 31 December 2012:
(Contd.)
2012
Level 1 Level 2 Level 3 Total
RM000 RM000 RM000 RM000
Assets
Financial assets at fair value through profit or loss:
Derivatives
- Foreign exchange forward contracts
- Commodities futures contracts
Investment properties
Total assets
-
4,220
969
-
-
-
969
4,220
44,730
44,730
4,220
45,699
49,919
5,644,769
5,664,769
-
1,541
127
-
-
-
127
1,541
1,541
127
5,664,769
5,666,437
Liabilities
Financial liabilities at fair value through profit or loss:
(i) LLA liability
(ii) Derivatives
- Foreign exchange forward contracts
- Commodities futures contracts
Total liabilities
(i)
Financial instruments in Level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at the statement of financial position
date. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in
Level 1. Instruments included in Level 1 comprise primarily equity investments listed in Bursa Malaysia Securities Berhad or foreign
stock exchanges classified as trading securities or available for sale and commodity derivatives quoted on Malaysia Derivatives
Exchange (MDEX) for palm oil and other foreign commodity exchanges.
(ii)
Financial instruments in Level 2
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
Instruments included in Level 2 comprise foreign currency forward contracts.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
220
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(iii)
Financial instruments in Level 3
Instruments included in level 3 comprises LLA liability and unquoted equity securities. The following table present the changes in
Level 3 instruments during the financial year:
LLA liability
2013
RM000
2012
RM000
5,664,769
-
(494,485)
(325,894)
5,842,694
210,178
(388,103)
4,844,390
5,664,769
1 January
Acquisition of a subsidiary
-
187,302
31 December
187,302
1 January
Fair value at inception of LLA (Note 45)
Fair value changes (credited)/charged to profit or loss
Repayment during the year
31 December
Available for sale financial assets
- Equity securities
(d)
There are no offsetting of financial assets and financial liabilities during the year for the Group and Company.
LLA liability
The fair value of the LLA liability is measured using a discounted cash flow calculation using cash flow projections based on financial
budgets approved by the Directors covering a 97 year period. As a result of the fair value assessment, the Group has recognised a LLA
liability of RM4,844,390,000 (2012: RM5,664,769,000). The key assumptions and the sensitivity analysis are as disclosed in Note 45 to the
financial statements.
Compensation receivable is estimated based on areas claimed by FELDA, which is subject to change based on the final area identified
by FELDA. The Group also estimates the corresponding impact to the related biological assets, property, plant and equipment, prepaid
lease payments, and the LLA liability. In 2013, the Group has recognised compensation receivable amounting to RM 82,938,000, write off of
biological assets amounting to RM25,625,000 and reversal of related LLA liability amounting to RM65,500,000.
221
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the recoverable amount of
the cash generating units (CGU) to which the goodwill is allocated. Estimating the recoverable amount requires management to make
an estimate of the expected future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present
value of those cash flows. The recoverable amounts of CGUs were determined based on the higher of fair value less cost to sell or value in
use calculations. As a result of these impairment assessments, the Group did not recognise any impairment. The key assumptions and the
sensitivity analysis are as disclosed in Note 21 to the financial statements.
(iv) Intangible assets (other than goodwill), property, plant and equipment, investment properties and biological assets
The Group tests intangible assets (other than goodwill), property, plant and equipment, investment properties and biological assets for
impairment if there is any objective evidence of impairment. Management have assessed that certain intangible assets other than goodwill,
property, plant and equipment, investment properties and biological assets may be potentially impaired or the existing impairment may
be reversed. The recoverable amounts of these assets were determined based on the higher of fair value less cost to sell or value in use
calculations.
As a result of the assessment, the Group has recognised an impairment of RM42,285,000 (2012: RM36,616,000) against its property,
plant and equipment, investment properties and biological assets, accelerated depreciation of RM8,682,000 (2012: RM8,656,000) against
its biological assets and reversal of impairment of RM nil (2012: RM39,375,000) against its intangible assets (other than goodwill) and
property, plant and equipment. The key assumptions and the sensitivity analysis are as disclosed in Notes 19, 20, 21 and 29 to the financial
statements.
(v)
222
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
6 REVENUE
Group
Revenue from sales of crude palm oil (CPO)
Revenue from sales of fresh fruit bunches (FFB)
Revenue from sales of refined sugar and molasses
Revenue from sales of fatty acids
Revenue from sales of vegetable oil and protein meal
Sugar subsidy
Revenue from sales of biodiesel products
Revenue from sales of palm kernel (PK)
Revenue from sales of rubber cup-lump
Revenue from tolling arrangement services
Management fees
Others
2013
2012
RM000 RM000
6,973,533
7,104,202
2,265,150
2,414,325
2,056,221
2,026,843
647,597
740,499
304,190
146,203
274,475
46,687
6,613
121,455
38,263
54,464
21,782
59,575
60,034
90,238
1,735 423
12,568,008 12,886,499
Company
Dividend from associates:
- quoted
- unquoted
Dividend from subsidiaries:
- quoted
- unquoted
Management fees
Finance income from financial institutions
-
76,863
23,718
173,279
16,202
257,617
75,882
123,796
14,659
515,236
127,368
67,475
550,360 921,735
223
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Gain on fair value remeasurement of an associate
263,280
-
-
Compensation receivable
82,938 - - Negative goodwill arising from business combinations
67,581
-
-
Gain on disposal of an associate
26,673
-
343,822
Gain on disposal of property, plant and equipment
5,978
1,810
-
Gain on disposal of investment property
4,508
Rental income
4,527
1,312
-
Reversal of impairment of intangible assets
-
23,878
-
30,654
8,162
-
Foreign currency exchange gains
Other operating income
22,681
5,350
4
105
508,820
40,512
343,826
105
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Impairment loss on loan due from other related company
-
26,952
-
Impairment loss on investment in subsidiaries
-
-
12,391
115,356
Impairment loss on investment properties
1,622
-
-
Loss on disposal of subsidiaries
-
-
-
4,528
Loss on disposal of joint venture
-
-
-
36,890
Financial guarantee contract expense
-
-
-
13,476
Other operating expenses
559
10,512
5
9,752
2,181
37,464
12,396
180,002
(7,745)
2,685
5,514
2,700
2,007
494,261
(204,793)
224
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
10
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Finance income:
- finance income from financial institutions
161,377
103,934
-
- finance income from joint ventures
2,795
3,339
-
- unwinding of discount of financial assets
-
-
-
139
Total finance income
164,172
107,273
-
139
Finance costs:
- term loans
- revolving credits
- loan from a significant shareholder
- bankers acceptances
- unwinding of discount of financial liabilities
- realised foreign exchange loss
- unrealised foreign exchange loss
- others
Total finance costs
Net finance income/(costs)
11
(249)
(534)
(93,085)
(8,415)
-
(83)
(376)
(687)
(5,672)
(2,506)
(91,174)
(11,670)
(258)
-
-
-
-
-
(93,085)
-
-
(83)
-
-
(2,506)
(91,174)
-
(103,429)
(111,280)
(93,168)
(93,680)
60,743
(4,007)
(93,168)
(93,541)
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Matured estates operating expenses
601,593
441,540
-
Replanting expenses
255,836
223,458
-
Estates management fees
-
12,340
-
2,079,752
2,307,443
-
Cost of raw materials and chemicals for production
Cost of purchasing CPO and PK and manufacturing cost
7,065,731
7,022,703
-
Cost of petrol, diesel and natural gas
96,057
109,618
-
Service charge on CPO trading
10,912
16,895
-
Property, plant and equipment (Note 19):
- Depreciation
98,818
88,818
779
189
- Impairment loss
40,000
32,300
-
- Reversal of impairment
-
(15,497)
-
- Write off
2,335
697
5
- Gain on disposal
(5,978)
(1,810)
-
- Loss on disposal
2,032
-
-
Investment properties (Note 20):
- Depreciation
224
463
-
- Impairment loss
1,622
-
-
- Gain on disposal
(4,508)
-
-
Intangible assets (Note 21):
- Amortisation
11,064
11,098
1,608
468
- Reversal of impairment
-
(23,878)
-
Amortisation of prepaid lease payments (Note 25)
150
70
-
Biological assets (Note 29):
- Accelerated depreciation
8,682
8,656
-
- Impairment loss
663
4,316
-
- Write off
32,195
13,638
-
-
225
11
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Assets held for sale:
- Gain on disposal
(5,381)
-
-
Impairment loss on investment in a subsidiary (Note 22)
-
-
12,391
115,356
Loss on disposal of subsidiaries
-
-
-
4,528
Gain on disposal of an associate (Note 23)
(26,673)
-
(343,822)
Loss on disposal of joint venture (Note 24)
-
-
-
36,890
Impairment of loan due from other related company (Note 26)
-
26,952
-
Impairment/(reversal) of receivables
611
(79)
-
1,012
(536)
-
Provision/(reversal of) for inventory write down
Rental
- land and buildings
7,745
1,886
4,651
481
- other equipment
1,317
421
887
421
Repair and maintenance of refining plants and mills
41,962
34,127
-
Principal auditors remuneration:
- Audit fee
1,041
865
324
225
- Non-audit fee@
3,395
5,339
3,395
5,269
Other auditors remuneration:
- Audit fee
1,932
1,484
-
- Non-audit fee
4,424
2,820
4,003
2,820
Staff costs*
1,011,481
955,428
57,093
32,401
Net realised foreign exchange (gain)/loss
(15,859)
4,838
83
3,404
Net unrealised foreign exchange loss
26,683
2,905
-
947
Share based payment
-
25,723
-
25,723
IPO expenses
-
35,422
-
35,422
Financial guarantee contract expense
-
-
-
13,476
@
Non-audit fee paid to principal auditor in 2012 mainly relates to Initial Public Offering (IPO) expenses.
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Wages, salaries and bonuses
737,448
671,171
44,901
26,344
Defined contribution plan
58,946
54,171
6,286
3,429
Defined benefit plan
705
2,521
110
21
Other employee benefits
214,382
227,565
5,796
2,607
1,011,481
955,428
57,093
32,401
Staff costs included in costs of sales amounted to RM897,610,000 (2012: RM810,988,000) and RM39,163,000 (2012: RM19,223,000) for the Group
and Company respectively.
226
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
12
DIRECTORS REMUNERATION
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Fees:
- Independent Non-Executive
1,089
543
934
543
- Non-Independent Non-Executive
1,467
1,687
1,105
1,169
- Executive Director
151
338
-
-
2,707
2,568
2,039
1,712
Salaries, bonuses and allowances:
- Independent Non-Executive
- Non-Independent Non-Executive
- Executive Director
Defined contribution plan:
- Non-Independent Non-Executive
- Executive Director
Other employee benefits:
- Independent Non-Executive
- Non-Independent Non-Executive
- Executive Director
100
2,031
1,278
10
103
1,976
100
2,031
1,278
10
84
1,955
3,409
2,089
3,409
2,049
367
200
77
301
367
200
77
301
567
378
567
378
371
578
117
107
298
100
371
392
117
107
118
64
1,066
505
880
289
7,749
5,540
6,895
4,428
The estimated monetary value of benefit-in-kind provided to Directors of the Company during the financial year amounted to RM122,000 (2012:
RM64,000).
13 ZAKAT
Group
2013
2012
RM000 RM000
Movement of zakat liability:
At beginning of financial year
Current financial years zakat expense
Zakat paid
-
32,612
16,580
(32,612)
(16,580)
227
14 TAXATION
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Malaysian income tax:
- In respect of current financial year
139,205
221,352
-
2,639
- In respect of prior financial year
12,557
3,665
(2,168)
Foreign income tax:
- In respect of current financial year
Deferred tax (Note 48)
Tax expense/(income)
820
20,427
214,077
(40,862)
(14,822)
1,498
366,659
204,582
(16,990)
4,137
A reconciliation of income tax expense applicable to profit before taxation after zakat at the Malaysian statutory income tax rate to income tax
expense at the effective income tax rate of the Group and of the Company is as follows:
Group Company
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Profit before taxation after zakat
1,503,710
1,077,089
594,361
440,118
Malaysian corporate tax rate of 25% (2012: 25%)
Tax effect of:
- different tax rates in other countries
- expenses not deductible for tax purposes
- changes in tax rate
- income not subject to tax
- deferred tax assets not recognised during the year
- under provision of income tax in prior year
- recognition of previously unrecognised deferred tax assets
- others
Tax expense/(income)
15
375,928
269,272
148,590
110,030
3,889
25,167
38,687
(108,376)
20,184
12,557
-
(1,377)
(6,761)
132,519
-
(97,994)
4,286
3,665
(100,018)
(387)
-
42,318
-
(204,575)
-
(2,168)
-
(1,155)
89,472
(195,949)
584
366,659
204,582
(16,990)
4,137
228
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
16
2012
27.3
1.2
28.5
The basic earnings per share (EPS) has been calculated based on the consolidated profit after taxation attributable to equity shareholders of
the Company and divided by the weighted number of ordinary shares in issue.
Group
2013
Profit from continuing operations attributable to equity shareholders (RM000)
1,011,004
Profit from discontinued operations attributable to equity shareholders (RM000)
(28,753)
Profit for the financial year attributable to equity shareholders (RM000)
982,251
Weighted average number of ordinary shares in issue (thousands)
There is no impact to diluted EPS as there is no outstanding RCPS and RCCPS as at 31 December 2013.
3,648,152
2012
773,402
32,551
805,953
2,829,538
229
18 SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal management reporting provided to the chief operating decision maker
(CODM), which is the Executive Committee (EXCO).
The EXCO considers the business by product related activities. The reportable segments for the financial year ended 31 December 2013 have
been identified as follows:
Plantation Plantation estates activities including cultivation, harvesting and production of fresh fruit bunches (FFB), processing of FFB
and selling of crude palm oil (CPO) and palm kernel (PK).
Downstream Refining of CPO, fractionation of refined bleached deodorised palm oil (RBDPO) and Palm Olein (PO), crushing of PK,
processing and sales of biodiesel products, production of oleochemicals namely fatty acid and glycerine and production of consumer end
products.
Sugar Sugar refining and sales and marketing of refined sugar and molasses.
Manufacturing, Logistics & Others Rubber and fertilisers processing and production, bulking and transportation facilities and services,
engineering services, information technology, security, travel, research and development activities and sale of planting materials.
Reconciliation to the reportable segments mainly relates to the elimination of Felda Holdings Bhd., an associate of the Group up to 27 December
2013 which is included within the applicable reportable segments, and inclusion of investment holding companies within the Group, which do not
form part of the reportable segments.
The discontinuing operations relates to the share of results of a joint venture, Bunge ETGO L.P due to the dissolution of the entity on 30 November
2013 (Note 15).
The EXCO assesses the performance of the operating segments based on profit before taxation.
The segment information provided to the EXCO for the reportable segments for the financial year reported is as follows:
Manufacturing,
logistics and
Discontinued
2013
Plantation Downstream Sugar
others Reconciliation Total
Operations Total
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Total segment revenue
18,073,010 6,779,899 2,249,689 3,015,711
(17,550,301)
12,568,008
- 12,568,008
Less: Inter-segment revenue
(1,694,710)
(183,804)
(47,209)
(512,901)
2,438,624
-
-
Revenue from external customers
16,378,300
6,596,095
2,202,480
2,502,810
(15,111,677)
12,568,008
-
12,568,008
Profit before taxation for the
financial year
1,181,354
(42,626)
387,158
186,798
(176,362)
1,536,322
(28,753)
1,507,569
Zakat
(32,612)
Taxation
(366,659)
Profit after taxation for the
financial year
1,108,298
Other information:
Finance income
Finance costs
Depreciation and amortisation
Impairment loss and write off
Negative goodwill arising from
business combinations
Fair value changes in LLA liability
Gain on fair value remeasurement
of an associate
Share of results of joint ventures
Share of results of associates
Capital expenditure
- 164,172
-
(103,429)
-
(118,938)
-
(78,438)
-
494,485
2,531
-
-
-
-
-
65,050
-
67,581
494,485
-
-
67,581
494,485
-
(20,235)
10,494
306,215
-
(65,361)
-
71,592
-
-
-
85,271
-
-
-
112,479
263,280
-
72,874
(1,235)
263,280
(85,596)
83,368
574,322
-
(28,753)
-
-
263,280
(114,349)
83,368
574,322
230
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
996,833
184,521
(27,203)
(15,423)
387,158
-
-
186,798
106,660
(283,022)
1,463,448
72,874
(28,753)
-
1,434,695
72,874
1,181,354
(42,626)
387,158
186,798
(176,362)
1,536,322
(28,753)
1,507,569
Manufacturing,
logistics and
Discontinued
2012
Plantation Downstream Sugar
others Reconciliation Total
Operations Total
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Total segment revenue
20,287,441 7,873,245 2,313,188 3,494,239
(21,081,614)
12,886,499
- 12,886,499
Less: Inter-segment revenue
(2,360,691)
(210,959)
(11,869)
(569,421)
3,152,940
-
-
Revenue from external customers
17,926,750
7,662,286
2,301,319
2,924,818
(17,928,674)
12,886,499
-
12,886,499
Profit before taxation for the
financial year
1,118,666
(12,036)
312,631
343,293
(668,885)
1,093,669
32,551
1,126,220
Zakat
(16,580)
(204,582)
Taxation
Profit after taxation for the financial year
905,058
Other information:
Finance income
10,396
5,474
31,247
11,717
48,439
107,273
-
107,273
Finance costs
(7,523)
(22,271)
(11,049)
(12,113)
(58,324)
(111,280)
-
(111,280)
Depreciation and amortisation (122,767) (51,113) (40,514) (76,831) 182,120 (109,105)
- (109,105)
Impairment loss and write off
(6,446)
(32,300)
(12,205)
-
(26,952)
(77,903)
-
(77,903)
Reversal of impairment
-
39,454
-
-
-
39,454
-
39,454
Fair value changes in LLA liability
(210,178)
-
-
-
-
(210,178)
-
(210,178)
Share of results of joint ventures
(4,236)
(56,440)
-
-
-
(60,676)
32,551
(28,125)
Share of results of associates
46,329
-
-
-
154,750
201,079
-
201,079
Capital expenditure*
277,370
99,095
34,227
89,870
709
501,271
-
501,271
*
The capital expenditure includes FHB, an associate of the Group during the financial year 31 December 2012 that became a wholly-owned subsidiary on 27 Decemeber 2013.
231
839,861
278,805
(28,980)
16,944
312,631
-
-
343,293
(184,593)
(484,292)
938,919
154,750
32,551
-
971,470
154,750
1,118,666
(12,036)
312,631
343,293
(668,885)
1,093,669
32,551
1,126,220
The revenue from external parties reported to the EXCO is measured in a manner consistent with that in the statement of comprehensive income.
Revenues from external customers are derived from sales of goods and provisions of services as disclosed in Note 6.
The analysis of external revenue by end customer geographical location is as follows:
Malaysia
Overseas:
- China
- Asia (excluding Malaysia, China, Pakistan and Indonesia)
- United States and Canada
- Europe
- Pakistan
- Indonesia
- Others
Reconciliation:
- FHB*
- Others
*
2013
2012
RM000 RM000
20,259,756
21,715,820
1,730,199
2,066,816
1,136,365
628,894
1,346,719
19,152
491,784
2,717,223
2,285,292
1,077,570
837,613
1,553,528
135,496
492,631
(15,172,771)
61,094
(18,018,864)
90,190
(15,111,677)
(17,928,674)
12,568,008
12,886,499
FHB became a wholly-owned subsidiary of the Company on 27 December 2013. Therefore, the reconciliation represents FHB and its group
of companies as transactions with associates.
Segment assets and segment liabilities are not disclosed as it is not reported to the CODM.
232
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
2013
2012
RM000 RM000
9,501,990 6,061,337
550,049
20,801
11,288
11,174
704,169
35,434
14,982
14,118
-
-
3,059,872
(2,874,297)
- 185,575
10,095,302 7,015,615
In the current financial year, two (2012: two) major customers in the Plantation segment contributed 40% (2012: 36%) of the Groups total revenues.
19
1,507,897
1,554,954
1,821,388
221,222
106,879
- 943,950
424,123
5,682,552
233
19
234
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
19
Office Motor
equipment
vehicles
RM000
RM000
Work in
progress Total
RM000
RM000
Cost
At 1 January 2013
Additions
Write off
At 31 December 2013
612
4,721
(10)
352
1,207
-
-
3,852
-
964
9,780
(10)
5,323
1,559
3,852
10,734
Accumulated depreciation
At 1 January 2013
Charge for the financial year
Write off
At 31 December 2013
Net book value
at 31 December 2013
250
507
(5)
163
272
-
-
-
-
413
779
(5)
752
435
1,187
4,571
1,124
3,852
9,547
2012
Office Motor
equipment
vehicle Total
RM000
RM000
RM000
Cost
At 1 January 2012
Additions
At 31 December 2012
562
50
352
-
914
50
612
352
964
131
119
93
70
224
189
250
163
413
362
189
551
Accumulated depreciation
At 1 January 2012
Charge for the financial year
At 31 December 2012
Net book value at 31 December 2012
235
19
The termination of the joint venture with Bunge ETGO L.P. (Note 15), adverse market conditions during the financial year and
continuing losses in a subsidiary, TRT ETGO, were identified as indicators for an impairment test to be performed for property,
plant and equipment in relation to the CGU for refined food oil business operation in Canada. The recoverable amount of the CGU is
determined based on fair value less cost to sell calculation using cash flow projections based on financial budgets approved by the
Directors covering a five-year period and applying a terminal value multiple using longer-term sustainable growth stated below.
The key assumptions used for the CGUs fair value less cost to sell calculation are as follows:
2013
Gross margin
Terminal value growth rate
Discount rate
4.4%
2%
13.25%
(i)
Gross margin
The basis used to determine the value assigned to the budgeted gross margin is the average gross margin achieved in the
financial year immediately before the budgeted financial year, adjusted for market and economic conditions, and expected
efficiency improvement.
(ii)
The terminal growth rate approximating inflation rate was used and this was in line with the current forecast of gross domestic
product (GDP).
Discount rate used is 13.25% which is pre-tax and reflect specific risks relating to the business operation.
Based on the fair value less cost to sell calculation, the Group has impaired the property, plant and equipment by RM40,000,000 which
is recorded as an impairment loss within cost of sales.
Based on sensitivity analysis performed by the Group, the impact of 1% increase in the discount rate used, which is a key assumption,
will result in an additional impairment loss of approximately RM36,700,000.
(ii)
Included in the property, plant and equipment are assets under grant from FELDA and Investissement Quebac (Grantor), an agency
of the Quebec provincial government for TRT ETGO amounting to RM13,730,000 and RM23,390,000 respectively.
Capital grant received from FELDA were in respect of grant contribution for the development of the Biotechnology Centre in Enstek,
Nilai and for the Green Rubber project in Palong.
Capital grant received from Grantor relates to a reimbursement of 5% of the cost incurred to develop and construct the oilseed
crushing plant in Canada.
There are no grants recognised as at 31 December 2013 that related to unfulfilled conditions or other contingencies.
236
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
19
(b)
The adverse market conditions during the financial year and the continuing losses in a subsidiary, TRT ETGO, were identified as
indicators for an impairment test to be performed for property, plant and equipment in relation to the CGU for refined food oil
business operation in Canada. The recoverable amount of the CGU is determined based on fair value less cost to sell calculation.
The key assumptions used for the CGUs fair value less cost to sell calculation are:
(a)
The tolling fee is based on average estimated compound annual growth rate of approximately 2% over the period of the Tolling
Fee Agreement. The basis used was in line with executed Tolling Fee Agreement dated 9 December 2012 between Bunge-ETGO
L.P. and TRT ETGO.
(b)
Discount rate used is 12.4% which reflects specific risks relating to the business operation.
(c)
Terminal value is based on 2017 earnings before interest, taxes, depreciation and amortisation (EBITDA) at 2% growth rate.
Based on the fair value less cost to sell calculation, the Group has impaired the property, plant and equipment by RM32,300,000 which
is recorded as an impairment loss in cost of sales.
Based on sensitivity analysis performed by the Group, the impact of 1% increase in the discount rate used, which is a key assumption,
will result in an additional impairment loss of approximately RM30,737,000.
(ii)
Following improvements in the financial performance, a reassessment of the recoverable amount has been undertaken on the fatty
acids business operation in USA. The assessment required an estimation of the value in use of the CGU to which the property, plant
and equipment and intangible assets in respect of the fatty acids business operation in USA were allocated as described in Note 21.
This resulted in a reversal of impairment of property, plant and equipment amounting to RM15,497,000.
(iii) A subsidiary of the Group, Kilang Gula Felda Perlis Sdn. Bhd. (KGFP) had previously recorded an impairment loss of approximately
RM3,566,000 on certain property, plant and equipment as their recoverable amounts were below their carrying values. The
recoverable amounts of these assets were determined by reference to their fair value less costs to sell based on independent
valuations by an external party using the comparison method by reference to recent transactions and sales evidences.
As at 31 December 2012, a portion of the property, plant and equipments were disposed above their carrying values, resulting in a
reversal of impairment of RM529,000.
(iv) Included in the property, plant and equipment is a deferred grant granted from Investissement Quebec (Grantor), an agency of the
Quebec provincial government amounting to RM23,290,000. Under the terms of the agreement, the Grantor will reimburse TRT ETGO,
5% of the cost incurred to develop and construct the oilseed crushing plant in Becancour.
237
20 INVESTMENT PROPERTIES
Group
2013
Freehold Leasehold
land
land
Building Total
RM000
RM000
RM000
RM000
Cost
At 1 January 2013
Acquisition of subsidiaries (Note 22(b))
Disposal
At 31 December 2013
-
43,000
-
43,000
32,006
5,080
92,542
129,628
- (41,000)
- (41,000)
32,006
7,080
92,542
131,628
Accumulated depreciation/impairment
At 1 January 2013
Charge for the financial year
Impairment loss
Disposal
At 31 December 2013
Net book value at 31 December 2013
-
2,622
-
224
-
1,622
- (2,468)
-
2,622
-
224
-
1,622
- (2,468)
2,000
2,000
32,006
5,080
92,542
129,628
2012
Group
Cost
At 1 January 2012
Transfer from property, plant and equipment (Note 19)
At 31 December 2012
Leasehold
land
RM000
43,000
43,000
Accumulated depreciation
At 1 January 2012
Transfer from property, plant and equipment (Note 19)
Charge for the financial year
At 31 December 2012
Net book value at 31 December 2012
2,159
463
2,622
40,378
238
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(b)
By way of a written award of compensation dated 31 December 2013, the Perlis State Government was obliged to pay RM43.04 million
as compensation for the compulsory acquisition of Lot 194 Mukim Chuping, Perlis from a subsidiary of the Company. As a result, a
gain on disposal of RM4,508,000 was recognised.
(ii)
As at 31 December 2013, the fair value of a leasehold land amounting to RM1,622,000 was fully impaired based on the size of the land
area, restriction on use and likelihood of other parties being able to commercialise the said property.
21 INTANGIBLE ASSETS
Customer Intangible
Completed Lease
relation- Trade
assets under
Goodwill
Brand
technology
agreement
ships
name Software development Total
Group RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Net book value
2013
At 1 January 2013
576,240
76,355
1,487
2,303
19,200
-
5,749
25,765
707,099
Acquisition of
127,238 - - - - -
42,989 -
170,227
subsidiaries (Note 22)
Additions - - - - - -
6,223
2,141
8,364
Amortisation charge - (3,226) (421) (193) (5,443) - (1,781) - (11,064)
Exchange differences
- -
105
164
1,366 - - -
1,635
At 31 December 2013
703,478 73,129 1,171 2,274 15,123
- 53,180 27,906 876,261
2012
At 1 January 2012
576,240 79,581 1,683 2,574 1,087 1,521 - -
662,686
Acquisition of
subsidiary (Note 22)
-
-
-
-
-
-
-
15,837
15,837
Additions
- - - - - -
6,217
9,928
16,145
Reversal of impairment
- -
258 -
23,387
233 - -
23,878
Amortisation charge
-
(3,226)
(396)
(182)
(5,116)
(1,710)
(468)
-
(11,098)
Exchange differences - (58) (89) (158) (44) - - (349)
At 31 December 2012
576,240
76,355
1,487
2,303
19,200
-
5,749
25,765
707,099
Expected remaining
useful lives (years)
- 31 December 2013
- 31 December 2012
17
13
3-5
18
14
239
5,749
1,824
(1,608)
5,965
2012
At 1 January 2012
Additions
Amortisation charge
At 31 December 2012
Expected remaining useful lives (years)
- 31 December 2013
- 31 December 2012
(a) Impairment test for goodwill
Goodwill is allocated to the Groups cash-generating units (CGU) as follows:
6,217
(468)
5,749
Group
2013
2012
RM000 RM000
Sugar business operations in Seberang Prai, Malaysia
576,240
576,240
127,238
Plantation estates in Lahad Datu, Sabah
703,478
576,240
(i)
The goodwill relates to the acquisition of the sugar business by the Group and is allocated to Malayan Sugar Manufacturing Company
Berhad. This represents the lowest level at which goodwill is monitored for internal management purposes.
The recoverable amount of the CGU is determined based on a fair value less cost to sell basis using cash flows projections based on
financial budgets approved by the Directors covering a three-year period and applying a terminal value growth rate multiple using
longer-term sustainable growth rates.
240
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
The key assumptions used for the CGUs fair value less cost to sell calculation are:
2013
2012
Gross margin
Terminal value growth rate
Discount rate
18%-19%
1%
10%
20%-22%
2%
9%
(i)
Gross margin
The basis used to determine the value assigned to the budgeted gross margin is the average gross margin achieved in the year
immediately before the budgeted year, adjusted for market and economic conditions, which includes expectations of raw sugar
pricing under long-term contracts, subsidies receivable from the Government of Malaysia in certain locations and expected
efficiency improvements.
(ii) Terminal value growth rate
The terminal growth rate used is based on long-term growth rates in the sugar industry in Malaysia.
(iii) Discount rate
Discount rate used, which is pre-tax, reflects specific industry risks relating to the sugar business.
Management believes that there is no reasonably possible change in any of the above key assumptions which would cause the
carrying amount of the CGU to exceed the recoverable amount.
(ii)
The recoverable amount of the CGU is determined using a discounted cash flow calculation using cash flow projections based on
financial budgets approved by the Directors. The key assumptions are as follows:
Goodwill arising from the business combination with Pontian United Plantations Berhad (PUP) represents economic benefits from
synergies between PUPs estates and Groups mills and refinery in Lahad Datu, Sabah. Both parties will benefit in terms of increased
utilisation of mills and refinery, cost savings in transportation and workforce and managerial exchange for both parties. Therefore,
the goodwill has been allocated to the Malaysian plantation CGU and tested as one cash generating unit.
(i)
CPO price
RM2,450/MT to RM2,600/MT
(ii)
FFB price
RM488/MT to RM524/MT
(iii) Estate replanting fixed cost
Matured RM3,270 per hectare based on a 25 year cycle for oil palm
Immature RM9,414 per hectare based on a 25 year cycle for oil palm
The terminal growth rate used is 2.4% based on long-term growth rates in the oil palm
industry in Malaysia.
(v)
Discount rate used is 9.47% reflects specific industry risks relating to the oil palm business,
on a pre-tax basis.
Discount rate
Management believes that there is no reasonably possible change in any of the above key assumptions which would cause the
carrying amount of the CGU to exceed the recoverable amount.
241
The Group tests software and intangible assets under development for impairment if there is any objective evidence of impairment.
The impairment assessment requires an estimation of the recoverable amount of the CGU to which the asset relates to. The
recoverable amount was determined based on fair value less cost to sell calculations.
As a result of the impairment assessment, no impairment was recognised as the recoverable amount of the CGU exceeds the
carrying amount.
(ii)
In the prior year, following improvements in the financial performance, a reassessment of the recoverable amount has been
undertaken on the fatty acids business operation in USA. The assessment required an estimation of the value in use of the CGU to
which the property, plant and equipment and intangible assets in respect of the fatty acids business operation in USA were allocated.
This resulted in a reversal of impairment of RM23,878,000.
22 INVESTMENT IN SUBSIDIARIES
Company
2013
2012
RM000 RM000
At cost less accumulated impairment
(i)
(ii)
270,026
270,026
283,900
3,536,008
1,567,612
32,081
500
283,400
-
At 31 December
5,419,601
283,900
242
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
9,233
9,233
2,322,334
-
-
(12,391)
1,719,917
1,338,532
(620,759)
(115,356)
2,309,943
2,322,334
15,600
-
-
11,937
13,476
(9,813)
15,600
15,600
8,024,403
385,751
2,901,093
371,864
On 16 January 2013, the Company subscribed for 9,999,998 ordinary shares of RM1.00 each from Felda Global Ventures Research and
Development Sdn. Bhd. (FGV R&D)), a wholly owned subsidiary of the Company, for a cash consideration of RM9,999,998.
On 5 August 2013, the Company subscribed for 2,499,998 ordinary shares of RM1.00 each from Felda Global Ventures Downstream Sdn.
Bhd. (FGVD), a wholly owned subsidiary of the Company, for a cash consideration of RM2,499,998.
On 14 November 2013, the Company subscribed for 73,206,521 ordinary shares of RM1.00 each from FGVD, for a cash consideration of
RM50,000,000 and by conversion of an amount due from FGVD of RM23,206,521.
On 18 December 2013, the Company subscribed for 9,774,529 ordinary shares of RM1.00 each from Felda Global Ventures Plantations Sdn.
Bhd. (FGVP), a wholly owned subsidiary of the Company, for a cash consideration of RM900,000 and by conversion of an amount due from
FGVP of RM8,874,529.
On 18 December 2013, the Company subscribed for 68,767,229 ordinary shares of RM1.00 each from FGVD, for a cash consideration of
RM68,767,229.
243
On 12 April 2012, the Company transferred its 329,949,500 RCPS A, 570,590,000 RCCPS A and 322,057,400 RCCPS B in Felda Global
Ventures North America Sdn. Bhd. (FGVNA), a wholly owned subsidiary of the Company, amounting to RM1,213,210,174 to FGVD to fully
redeem 329,949,500 RCPS A, 570,590,000 RCCPS A and 322,057,400 RCCPS B of RM0.01 each held by FGVD amounting to RM519,510,174,
following the disposal of 100% equity interest of FGVNA to FGVD.
On 12 April 2012, the Company transferred its 102,274,300 RCCPS C in Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK), a wholly
owned subsidiary of the Company, amounting to RM101,249,063 to FGVP to fully redeem 102,274,300 RCCPS C of RM0.01 each held by FGVP
amounting to RM101,249,063, following the disposal of 100% equity interest of FGVK to FGVP.
(a)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
-
-
-
100.0
51.0
100.0
-
49.0
-
-
49.0
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
-
-
-
-
-
-
-
-
30.0
-
-
-
-
244
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
51.0
51.0
49.0
49.0
51.0
51.0
49.0
49.0
51.0
51.0
49.0
49.0
51.0
51.0
49.0
49.0
100.0
United States
of America
Canada
Investment holding
100.0
100.0
Investment holding
100.0
100.0
United States
of America
Procurement, processing
and supply of fatty acids
100.0
100.0
245
100.0
100.0
100.0
100.0
- -
100.0
100.0
100.0
100.0
100.0
100.0
Indonesia
95.0
95.0
5.0
5.0
Malaysia
Investment holding
100.0
246
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Malaysia
Malaysia
-
-
-
-
100.0
100.0
-
-
-
-
-
-
-
-
72.0
28.0
76.9
23.1
-
-
-
-
100.0
100.0
-
-
-
-
-
-
100.0
-
247
Manufacturing and
selling of granulated
compound fertilisers
Provision of computer
services, sale of computer
software and equipment
Storing and handling
of palm oil products
Processing of raw latex
to concentrated latex
and Standard Malaysia
rubber (SMR)
Engineering services
including project
management, sale of
industrial equipment
and road maintenance
Provision of transportation
services for palm oil
based products
Provision of security services
Provision of jetty services
Dormant
Dormant
100.0
80.0
20.0
72.7
27.3
71.4
28.6
51.0
49.0
51.0
49.0
-
-
-
-
-
-
-
-
51.0
65.0
100.0
51.0
-
-
-
-
49.0
35.0
-
49.0
-
-
-
-
-
-
-
-
48.0
52.0
60.0
40.0
72.0
28.0
36.7
63.3
Manufacturing of biomass
fuel from empty fruit bunch
Dormant
72.0
28.0
72.0
28.0
248
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
Malaysia
Dormant
48.0
52.0
51.0
49.0
36.4
63.6
50.0
50.0
71.4
28.6
86.1
13.9
70.1
29.9
72.7
27.3
72.7
27.3
Malaysia
Allied Engineering Consultancy
Services Sdn. Bhd. *
Felda Properties Sdn. Bhd.
Malaysia
Felda Construction Sdn. Bhd.
Malaysia
Provision of engineering
consultancy services
Property management of
FELDA projects
Dormant
51.0
49.0
51.0
49.0
51.0
49.0
Dormant
100.0
Malaysia
249
(b)
30% equity stake in Sabahanya Plantations Sdn. Bhd. is held in trust by Vincent Kerosah for the beneficial interest of the Group.
On 17 April 2013, Felda Global Ventures Downstream Sdn. Bhd. (FGVD), a subsidiary of the Company, incorporated a wholly-owned
subsidiary known as FGV Biotechnologies Sdn. Bhd. (FGV Bio) in Malaysia with initial paid-up capital of RM2.00.
On 13 May 2013, the Company incorporated a wholly-owned subsidiary known as Felda Global Ventures Capital Sdn. Bhd. (FGV
Capital) in Malaysia with initial paid-up capital of RM2.00.
On 23 May 2013, the Company incorporated a wholly-owned subsidiary known as FGV Investment (L) Pte Ltd (FGV Investment) in
Labuan Federal Territory, Malaysia with issued paid-up capital of USD1.00.
On 28 May 2013, FGV Investment incorporated a wholly owned subsidiary known as FGV Myanmar (L) Pte Ltd (FGV Myanmar) in
Labuan Federal Territory, Malaysia with issued paid-up capital of USD1.00.
On 20 September 2013, the Company obtained control of Pontian United Plantations Berhad (PUP), a company incorporated in
Malaysia. The acquisition of 100% equity interest was completed on 1 October 2013 for a cash consideration of RM1,203,840,576.
Refer to Note b(i) for the effects of the acquisition of PUP.
On 18 November 2013, the Company entered into an agreement with Koperasi Permodalan Felda Malaysia Berhad (KPF) to acquire
112,199,999 shares in its associate, Felda Holdings Bhd. (FHB) representing the remaining 51% equity interest in FHB from KPF for
a purchase consideration of RM2,200,000,000. The acquisition was completed on 27 December 2013. Refer to Note b(ii) for the effects
of the acquisition of FHB.
On 16 December 2013, FGVD entered into a Sale Purchase Agreement (SPA) with the shareholders of Cambridge Nanosystems
Limited (CNL) to acquire a 70% equity interest in CNL for a total consideration of GBP 10.0 million (RM54.13 million). As at 31
December 2013, the Group has paid GBP4 (RM22) and gained control of CNL. Refer to Note (d) for the details.
(i)
Carrying value
Fair value
RM000
RM000
Property, plant and equipment
147,721
766,625
Interests in associates
12,345
46,075
Biological assets
58,498
453,042
Inventories
5,874 5,874
6,305 6,305
Receivables
4,196
4,196
Tax recoverable
Amount due from associates
4,270
4,270
Financial asset at fair value through profit and loss
7,769
7,19
Cash and cash equivalents
205,895
205,895
Payables
(23,578) (23,578)
(20,661)
(209,113)
Deferred tax liabilities
Total net assets acquired
408,634
1,266,790
Non-controling interests
(21,137)
(190,187)
387,497
1,076,603
250
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
1,203,841
(1,076,603)
127,238
The Group recognised the non-current controlling interest in PUP at the non-controlling interests proportionate share of the
recognised amounts of PUPs identifiable net assets.
The effects of the acquisition of PUP on the financial results of the Group during the financial year is shown below:
RM000
Revenue 51,315
(32,847)
Cost of sales
Gross profit
18,468
Other operating income
6,192
Administrative expenses
(4,797)
Finance income
3,605
Share of results of associates
(2)
Profit before taxation
23,466
Taxation (5,609)
Profit after taxation
17,857
The effect of the acquisition of PUP on the financial results of the Group during the financial year had the acquisition taken effect at
the beginning of the financial year is shown below:
RM000
Revenue 201,700
(142,262)
Cost of sales
Gross profit
59,438
Other operating income
9,577
Administrative expenses
(31,588)
Share of results of associates
(8)
Profit before taxation
37,419
Taxation (22,436)
Profit after taxation
14,983
251
Provisional
Fair value
RM000
3,174,282
40,404
129,628
42,989
330,139
389,811
41,717
211,575
130,239
969,649
57,615
622,449
48,852
287,573
176,265
37
7,763
1,656,592
(771,315)
(95,339)
(299,384)
(1,098,736)
(7,615)
(350,303)
(27,000)
(16,026)
5,651,861
(1,272,853)
4,379,008
RM000
1,132,600
1,067,400
2,200,000
(1,656,592)
Net cash outflow on acquisition
543,408
252
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
RM000
2,113,958
(1,867,356)
16,678
Gain on fair value remeasurement
263,280
The negative goodwill on acquisition is as follows:
Purchase consideration for 51% equity interest
Fair value of existing 49% equity interest
RM000
2,200,000
2,113,958
Provisional fair value of net assets acquired
4,313,958
(4,379,008)
Negative goodwill
(65,050)
The Group recognised the non-current controlling interest in FHB at the non-controlling interests proportionate share of the
recognised amounts of FHBs identifiable net assets.
Prior to the completion of the acquisition on 27 December 2013, the financial results of FHB had been equity accounted for as share
of results of associates in the statement of comprehensive income. The effects of the post-acquisition results on the statement of
comprehensive income is not material to the Groups results for the financial year ended 31 December 2013.
Based on FRS 3 Business Combinations the Group has a period of one year from the acquisition date to complete the purchase price
allocation (PPA) and has taken this option.
No contingent liabilities were recognised as the legal cases were deemed to be remote and there is a 5 year indemnity on a
proportionate basis provided by the seller as part of the acquisition of FHB.
253
1,004,774
74,064
(164,183)
(513,381)
(78,097)
(13,551)
11,992
19,226
42,556
Profit before taxation
383,400
Zakat
(9,642)
Taxation (128,599)
Profit for the financial year from continuing operations
245,159
Discontinued operations
Loss for the financial year from discontinued operations
(34,661)
210,498
(c)
Fair value
RM000
3,900
35,553
39,453
36,922
(39,453)
(2,531)
254
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(c)
RM000
46,687
(43,647)
3,040
2,943
(4,978)
1,005
387
1,392
As the plant was dormant, there are no effects had the acquisition taken effect at the beginning of the financial year.
(d)
(d)
On 6 January 2012, the Company incorporated Felda Global Ventures Plantations Sdn. Bhd. (FGV Plantations), a private limited
liability company, incorporated and operating in Malaysia.
On 6 January 2012, the Company incorporated Felda Global Ventures Downstream Sdn. Bhd. (FGV Downstream), a private limited
liability company, incorporated and operating in Malaysia.
On 6 January 2012, FGV Plantations incorporated Felda Global Ventures Plantations (Malaysia) Sdn. Bhd. (FGVPM), a private limited
liability company, incorporated and operating in Malaysia.
On 17 February 2012, the Company incorporated Pakatan Mastiara Sdn. Bhd., a private limited liability company, incorporated and
operating in Malaysia. On 28 March 2012, the company changed its name to Felda Global Ventures Shared Services Centre Sdn. Bhd.
(FGV SSC).
On 12 April 2012, the Company entered into a Sale and Purchase Agreement with FGV Downstream, a wholly-owned subsidiary,
to dispose its 100% equity interest in the ordinary shares in Felda Global Ventures North America Sdn. Bhd. (FGVNA) for a cash
consideration of RM632,100,038, which resulted in a gain on disposal of RM2,227,760 to the Company. The transaction was completed
on 9 May 2012.
On 12 April 2012, the Company entered into a Sale and Purchase Agreement with FGV Plantations, a wholly-owned subsidiary,
to dispose its 100% equity interest in the ordinary shares in Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK) for a cash
consideration of RM188,583,121, which resulted in a loss on disposal of RM6,756,146 to the Company. The transaction was completed
on 9 May 2012.
255
(d)
On 20 June 2012, Twin Rivers Technologies Holdings Inc (TRT Holdings) had transferred 100% equity interest representing 6,882
common shares in Twin Rivers Technologies Holdings Enterprises de Transformation de Graines Oleagineuses Inc (TRT Holdings
ETGO Inc) to FGVNA for a cash consideration of CAD1.00.
On 20 June 2012, Twin Rivers Technologies US Inc (TRT US) had merged with and into TRT Holdings. Upon completion of the
merger, the shareholdings of FGVNA in TRT Holdings, representing 117,646 Class A Common Stock shares and 80,000 Class B
common stock was converted to a single class common stock.
On 25 September 2012, the Company acquired 100% equity interest in Rias Simfoni Sdn. Bhd., a company incorporated in Malaysia, for
a cash consideration of RM2. On 10 October 2012, the company changed its name to Felda Global Ventures Research & Development
Sdn. Bhd. (FGV R&D). There is no financial impact arising as the company was dormant.
In the previous financial year, Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK), a subsidiary of the Company, entered into an
agreement to acquire a 95% interest in PT. Citra Niaga Perkasa from Joko Sintrajaya for a total consideration of RM16,500,000, to be
completed upon the receipt of relevant regulatory approvals in Indonesia. The acquisition was completed on 27 February 2012.
The effects of the acquisition of PT. Citra Niaga Perkasa can be summarised below:
Carrying value/
Fair value
RM000
Intangible assets (Note 21)
15,837
16
Cash and cash equivalents
Receivables 767
(85)
Payables
Total net assets acquired
16,535
(35)
Non-controlling interests
Fair value of net assets acquired (less non-controlling interest)
16,500
Purchase consideration
(16,500)
Goodwill on acquisition
The cash outflow on acquisition is as follows:
Purchase consideration
Less: Deferred consideration
Less: Cash and cash equivalents of subsidiary acquired
Net cash outflow of the Group
Less: Deposit paid in 2011
Acquisition of subsidiary, net of cash inflows
RM000
16,500
(825)
(16)
15,659
(5,775)
9,884
The effect of the acquisition of PT. Citra Niaga Perkasa on the financial results of the Group during the financial year, and had the acquisition
taken effect at the beginning of the financial year is shown below:
Operating expenses
Loss after taxation
RM000
(1,219)
(1,219)
256
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(e)
RM000
5,842,694
54,690
5,897,384
(695,262)
(1,891,544)
(24,164)
(8,103)
(306)
(2,619,379)
Liabilities
Trade and other payables
Deferred tax liabilities
Amount due to other related companies
Total liabilities
Less: Deferred tax effect arising from LLA liability
Amount recognised in reorganisation reserve as at 31 December 2012 (Note 40)
123,969
17,874
129,794
271,637
3,549,642
(1,460,673)
2,088,969
The results of the plantation estates that have been accounted for in the statement of comprehensive income under the predecessor
method of accounting are as follows:
Revenue
Cost of sales
Gross profit
Other operating income
Administrative expenses
Finance income
Finance costs
Taxation
Profit for the financial year
Group
2012
RM000
2,709,446
(1,600,756)
1,108,690
4,602
(117,698)
4,447
(620)
(263,412)
736,009
257
(e)
Group
2012
RM000
Property, plant and equipment
727,969
Intangible assets
9,928
Biological assets
1,892,555
Inventories
80,869
Receivables 14,739
Tax recoverable
1,161
Amounts due from/(to) other related companies
83,371
Cash and cash equivalents
783,601
Deferred tax liabilities
(19,036)
Provision for defined benefit plan
(19,243)
Payables
(202,050)
Borrowings (100,000)
3,253,864
The LLA was deemed to be effective from 1 January 2012 pursuant to the contractual arrangements of the LLA and the effects of LLA to
the reorganisation reserve are as follows:
Reorganisation reserve at 1 January 2012 prior to the effects of the LLA
2,347,742
(5,842,694)
(54,690)
1,460,673
Reorganisation reserve at 1 January 2012, as restated
RM000
(4,436,711)
(2,088,969)
The LLA is deemed to be effective from 1 January 2012 pursuant to the contractual arrangements of the LLA and the effects are as follows:
LLA liability
Amounts due to a significant shareholder
Deferred tax assets
Adjustment to reorganisation reserve
RM000
5,842,694
54,690
(1,460,673)
4,436,711
258
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(f)
(g)
Current
Assets
Liabilities
Total current net assets
759,173
576,353
Non-current
Assets
Liabilities
Total non-current net assets
Net assets
1,048,520
989,973
1,757,320
259
(g)
358,905
(104,228)
285,159
(83,131)
254,677
-
202,028
-
254,677
202,028
72,337
65,447
435,380
-
(17,481)
(88,149)
171,993
(290)
(16,580)
(88,777)
329,750
66,346
(72,930)
(27,792)
(584,223)
28,085
(327,403)
594,555
66,639
527,916
267,152
594,555
260
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
23 INTERESTS IN ASSOCIATES
Group
2013
2012
RM000 RM000
Share of net assets of associates
371,063
2,386,306
Company
2013
2012
RM000 RM000
Interests in associates, at cost:
At 1 January
Disposal ^
Transfer to investment in subsidiaries (Note 22)
At 31 December
Analysed as:
- Quoted in Malaysia
- Unquoted in Malaysia
At 31 December
Market value of investment in associate, quoted in Malaysia
1,775,226
(207,614)
(1,567,612)
1,775,226
-
1,775,226
-
-
207,614
1,567,612
1,775,226
530,089
On 28 February 2013, the Company disposed of its 20% equity interest in Tradewinds (M) Berhad for a total consideration of RM551.43
million, which resulted in a gain on disposal of RM26.67 million for the Group and RM343.82 million for the Company.
On 27 December 2013, the Company acquired the remaining 51% equity interest in Felda Holdings Berhad (FHB) for a purchase
consideration of RM2.20 billion. Consequently, the Companys effective interest in FHB increased from 49% to 100% and FHB become a
wholly-owned subsidiary.
Summarised financial information in respect of the Groups share of revenue, profit, assets and liabilities of its associates is set out below:
Group
2013
2012
RM000 RM000
Revenue
16,873,944
25,940,370
Groups share of results for the financial year
83,368
201,079
619,637
261
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
30.0
30.0
21.6
7.3
34.33
-
-
-
-
-
Note 3
Note 4
Note 5
Note 6
Note 7
Equity accounting
Equity accounting
Equity accounting
Equity accounting
Equity accounting
Investment holding
Provisions of management services and investment holding
Investment holding
Management of an educational institute
Manufacturing and sale of activated bleaching earth
Under liquidation
Investment holding and cultivation of oil palm
The associates above are private companies and have no quoted market price available for their shares.
There are no material contingent liabilities relating to the Groups interest in the associates.
Summarised financial information for associates
Set out below are the summarised financial information for Felda Holdings Bhd. (FHB) and Tradewinds (M) Berhad (Tradewinds) which are
accounted for using the equity method:
Summarised statement of financial position
FHB
Tradewinds
Insignificant in aggregate Total
Current
Cash and cash equivalents
Other current assets
(excluding cash)
Total current assets
Financial liabilities
(excluding trade payables)
Other current liabilities
(including trade payables)
Total current liabilities
1,788,036
834,194
43,299
43,299
2,622,230
2,893,989
2,846,416
348,678
348,678
5,740,405
4,682,025
3,680,610
391,977
391,977
8,362,635
(2,620,329)
(2,060,121)
(38,680)
(38,680)
(4,680,450)
(370,499)
(249,529)
(64,121)
(64,121)
(620,028)
(2,990,828)
(2,309,650)
(102,801)
(102,801)
(5,300,478)
262
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
- 3,195,260
- 4,574,587 403,123
- 403,123 7,769,847
-
(125,632)
- (187,957)
-
(1,936,696)
(40,902)
- (462,984)
-
-
(40,902)
(2,062,328)
-
- (650,941)
(313,589)
- 4,572,868
(2,399,680)
(40,902)
- 3,545,867 651,397
(40,902)
(2,713,269)
- 651,397 8,118,735
603,075
(110,584)
82,134
(29,812)
492,806
(178,872)
95,437
(17,175)
- 16,873,944 25,940,370
- (245,571) (431,326)
- 40,253 54,484
- (53,013) (174,857)
-
-
560,971
(185,228)
1,095,881
(289,456)
- 375,743 806,425
(34,661)
(8,293) - - - -
(34,661)
(8,293)
(8,850) (980) (150) (901)
76,863
173,279
21,831
- (9,000)
(1,881)
- 332,082 796,251
76,863
195,110
The information above reflects the amounts presented in the financial statements of the associates (and not the Groups share of those amounts)
adjusted for differences in accounting policies between the Group and the associates
263
FHB
Tradewinds
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Opening net assets 3,820,938 3,865,860 2,570,232 2,469,625
-
-
-
- 6,391,170 6,335,485
Acquisition of
subsidiary
- - - -
478,334 -
739,490 -
1,217,824 210,497
484,198
52,322
313,934 - - - -
262,819
798,132
Profit for the period
Other comprehensive
(1,881)
loss (8,851) (980) (150) (901) - - - - (9,001)
Non-controlling
(50,050)
(96,105)
(17,772)
(106,630) - - - -
(67,822)
(202,735)
interest
Dividend
(156,863)
(353,631) -
(109,153) - - - -
(156,863)
(462,784)
Fair value
(41,892)
(41,892)
4,730
28,370 - - - -
(37,162)
(13,522)
adjustments
Disposal
(3,808,172) -
(2,608,468) - - - - -
(6,416,640) Others 34,393
(36,512)
(894)
(25,013) - - - -
33,499
(61,525)
Closing net assets
- 3,820,938
- 2,570,232 478,334
- 739,490
- 1,217,824 6,391,170
Interest in associates
-
49%
-
20%
21.6%
-
20%-30%
-
-
Carrying value
-
1,872,260
- 514,046 103,320
- 267,743
- 371,063
2,386,306
Unrecognised share
of loss
- - - - - - - - - -
-
-
-
131,831
(131,831)
-
On 21 May 2012, the Company disposed its joint venture, Felda Iffco Sdn. Bhd. (FISB) to Felda Global Ventures Downstream Sdn. Bhd. (FGVD),
a subsidiary of the Company, for a sale consideration of RM94,941,000 which resulted in a loss on disposal of RM36,890,000.
264
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
2013
2012
RM000 RM000
173,345
204,611
The Groups share of the results of the joint ventures are as follow:
Revenue
Groups share of results for the financial year
2013
2012
RM000 RM000
8,787,684
7,631,763
(85,596)
(60,676)
Malaysia
50.0
50.0
Note 1
Equity accounting
Malaysia
50.0
50.0
Note 2
Equity accounting
Malaysia
50.0
50.0
Note 3
Equity accounting
Canada
49.0
Note 4
Equity accounting
Canada
49.0
Note 5
Equity accounting
Malaysia
50.0
Note 6
Equity accounting
Hong Kong
Pakistan
45.0
Note 8
Equity accounting
30.0
Note 9
Equity accounting
Malaysia
50.0
Note 10
Equity accounting
Malaysia
30.0
Note 11
Equity accounting
265
Note 12
Equity accounting
Malaysia
40.0
Note 13
Equity accounting
Malaysia
36.7
Note 14
Equity accounting
The Group treated these entities as joint ventures as the shareholder agreements require unanimous consent over decisions about
relevant activities among the partners.
The joint venture companies above are private companies and have no quoted market price available for their shares.
There are no material contingent liabilities relating to the Groups interest in the joint ventures
FPG
(38,013)
(140,559)
(140,359)
(200)
(137,294)
(1,689,018) (1,503,603)
(473,732)
(1,215,286) (1,366,309)
- 219,493 181,937
- (153,685) (53,898)
-
1,228,352 737,481
- (911,924) (796,128)
-
1,624,927
1,085,674
Net assets
- 164,188
(244,411)
(206,398)
1,637,508
1,544,622
314,030
-
2,204,367
1,951,538
659,745
(162,355)
(162,166)
167,248
(45,720)
(23,810)
(189)
615,616
44,958
- 617,589 212,206
1,973
Financial liabilities
Other liabilities
(43,818)
(32,538)
(21,910)
(1,342,286) (1,213,472)
(75,471)
(11,280)
256,436
Assets
Non-current
(138,669)
(1,203,617) (1,138,001)
45,829
1,241,208
1,210,721 160,790 123,228 590,163
88,718
333,727
976,063
77,399
1,032,220
72,072
234,658
208,988
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
FISB Trurich
Current
Set out below are the summarised financial information for Felda Iffco Sdn. Bhd. (FISB), Trurich Resources Sdn. Bhd. (Trurich) and FPG Oleochemicals Sdn. Bhd. (FPG)
which are accounted for using the equity method.
266
NOTES TO THE FINANCIAL STATEMENTS
FPG
94,688
(22,747)
(55,381)
-
59,658
-
27,360
(9,961)
-
-
(17,825)
(44,535)
46,474
(3,017)
- (62,360) 43,457
-
-
- (33,055) (85,278)
- - - - - - - - - - - -
FPG
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
FISB Trurich
Carrying value
Interest in associates
Goodwill
- 219,496 243,266
-
1,159,598 671,543
- 107,553 89,397
- 547,564 333,577
- - - - - - - -
3,029 -
3,029 -
Reconciliation of the summarised financial information presented to the carrying amount of its interest in joint ventures.
The information above reflects the amounts presented in the financial statements of the joint ventures (and not Groups share of those amounts) adjusted for differences in accounting policies between
the Group and the joint ventures.
(9,045)
(3,628)
(53,382)
732
(4,139)
611
(31,110)
(12,559)
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
FISB Trurich
Revenue
Depreciation and amortisation
Interest income
Interest expense
267
268
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
- Gross margin
- Terminal value growth rate
- Discount rate
2013 2012
1.3% - 11.5%
2.5% - 5%
11% - 16%
1.6% - 9.5%
3% - 5%
9% - 16%
As a result of the impairment assessment, the Group recognised an impairment loss of RM43,657,000 (2012: RM10,300,000) which is
recorded in profit or loss against the investment in joint venture.
Based on sensitivity analysis performed by the Group, the impact of 1% increase in the discount rate used, which is a key assumption will
result in additional impairment loss of approximately RM12,281,000 (2012: RM27,286,000).
A 1% decrease in the terminal value growth rate will result in additional impairment loss of approximately RM7,741,000 (2012:
RM22,781,000).
(b)
Gross margin
Terminal growth rate
Discount rate
2013
10% - 62%
4.5%
15%
2012
29% - 46%
10%
As a result of the impairment assessment, no impairment was recognised (2012: Nil) as the recoverable amount of the CGU exceeds the
carrying amount.
Management believes that there is no reasonably possible change in any of the above key assumptions which would cause the carrying
amount of the CGU to exceed the recoverable amount.
269
25
2012
RM000
925
40,404
925
-
41,329
925
Accumulated amortisation
At 1 January
Amortisation
At 31 December
210
150
140
70
360
210
715
-
-
16,494
(16,494)
The loan due from a related company, Felda Iffco Inc. (FINA), a subsidiary of a joint venture, FISB, is denominated in US Dollar, unsecured,
charged at market interest rate of 8% (2012: 8%) per annum and was initially repayable in five annual instalments of RM9,309,000 commencing
on 30 December 2010.
In 2012, FINA notified the Group of its current financial position and requested that for the terms of the promissory note to be modified by allowing
FINA to defer the payment due on 30 December 2012 to 31 December 2012 and to extend the repayment terms of the original promissory note by
an additional one year. On 14 January 2013, the Group agreed to these amendments.
On 14 January 2014, FISB notified the Group that it had entered into a stock purchase agreement to sell FINA to a third party. As part of the terms
of the stock purchase agreement which was executed on 31 January 2014, the promissory note would be settled in full.
As at 31 December 2013 and as at 31 December 2012, the loan due from a related company was impaired and fully provided for due to the
financial difficulties faced by FINA and the low probability of generating sufficient cash flows to enable repayment in future years.
270
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
27 RECEIVABLES
Non-current assets
Prepayment ^@
Deposits
Others
Current assets
Trade receivables *
Less: Provision for impairment
Amount due from customer on
contracts
Total trade receivables
Other receivables
Dividend receivable
Prepayments @
Deposits
Total
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
69,544
8,198
-
12,719 - - 2,178 - - 84,441
8,198
1,011,606
(5,529)
490,537
-
-
-
1,006,077
490,537
5,638
1,011,715
490,537
-
213,366 84,479 4,141 1,903
-
88,091
170,201
297,313
86,392
77,403
442
1,733
40,039
2,255
190
98
1,351,512
742,765
174,974
301,047
1,435,953
750,963
174,974
301,047
On 9 May 2012, Kilang Gula Felda Perlis Sdn. Bhd. (KGFP), a subsidiary of the Group, entered into a Pre-Supply Agreement (PSA) with
Gas Malaysia Berhad (GMB) for the purpose of obtaining gas supply in conjunction with its plan to convert its Biomass boiler to Natural
Gas Boiler.
The terms and conditions of the PSA state that GMB will carry out the construction of the gas distribution pipeline and metering facilities
and KGFP is required to pay for construction costs amounting to RM8,198,000. The payment was made in August 2012 and is currently
classified as advance payment in the statement of financial position. As at 31 December 2013, the construction is 70% complete and is
expected to be ready for use in March 2014.
In December 2013, KGFP signed the Standard Gas Supply Agreement (GSA). Based on the terms of the agreement, the GSA will be
effective from March 2014 until December 2022.
Included in the deposits as at 31 December 2013 are deposits paid by Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK), a whollyowned subsidiary of the Company, in connection with the proposed acquisition of a 95% equity interest in PT. Temila Agro Abadi and PT.
Landak Bhakti Palma of 35% and 20% respectively amounting to RM12.72 million which are expected to be completed in 2014.
Included in prepayments as at 31 December 2013 and 31 December 2012 is a security deposit amounted to RM62,120,000 (2012:
RM62,120,000) paid to a significant shareholder under the LLA dated 1 November 2011, which shall be set off towards any payment of the
lease amount prior to expiry or sooner determination of the LLA.
Included in trade receivables is sugar subsidy receivable from Government of Malaysia of RM14,890,775 (2012: RM26,147,000) and cooking
oil subsidy receivable from Malaysian Palm Oil Board of RM39,051,610 (2012: RM nil).
Included in the other receivables as at 31 December 2013 is a receivable from the Perlis State Government amounting to RM43.04 million
in respect of compulsory acquisition of Lot 194 Mukim Chuping, Perlis from Felda Global Ventures Perlis Sdn. Bhd., a wholly-owned
subsidiary of the Company as described in Note 20 and compensation receivable arising from land reclaimed by felda amounting to
RM82.94 million (2012: RM nil) (Note 45).
271
27
RECEIVABLES (Contd.)
The receivables are denominated as follows:
- Ringgit Malaysia
- United States Dollar
- Canadian Dollar
- Indonesian Rupiah
- Thai Baht
- Singapore Dollars
- Pakistan Rupee
- Others
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
706,536
568,806
174,974
301,047
604,216
154,138
-
112,944
27,152
-
6,328
867
-
4,708
-
-
399
-
-
122
-
-
700 - - 1,435,953
750,963
174,974
301,047
83,419
43,145
15,090
5,690
4,787
531
115
55
1,108
-
128,173
37,744
3,801
1,535
-
212,123
81,004
18,946
8,333
4,787
152,131
1,809
171,253
325,193
130,393
22,608
6,426
698
857
-
-
-
-
-
-
70
-
-
-
130,393
22,678
6,426
698
857
160,982
70
161,052
2012
Less than 30 days past due
Between 30 and 60 days past due
Between 61 and 90 days past due
Between 91 days and 1 year past due
More than 1 year past due
At 31 December 2012
As at 31 December 2013, there are no receivables of the Company that were past due but not impaired.
272
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
27
RECEIVABLES (Contd.)
Impaired and provided for
As at 31 December 2013, RM5,529,000 of receivables were impaired and provided for (2012: RM Nil).
Movement of the Groups provision for impairment of receivables are as follows:
Group
2013
2012
RM000 RM000
At 1 January
-
79
Acquisition of a subsidiary
4,918
611
(79)
Charged/(credited) to profit or loss
At 31 December
5,529
Receivables balances of RM954,824,000 (2012: RM504,310,000) and RM174,532,000 (2012: RM299,314,000) of the Group and of the Company are
neither past due nor impaired as they have yet to exceed the credit period. These balances mainly relate to external parties with no recent history
of default.
The credit quality of receivables that are neither past due nor impaired can be assessed to historical information about counterparty default
rates:
Group 1
Group 2
Group 3
Total unimpaired receivables
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
18,413
-
1,062
921,210 504,310 173,470 299,314
15,201 - - 954,824
504,310
174,532
299,314
273
28 AMOUNTS DUE FROM/(TO) A SIGNIFICANT SHAREHOLDER, SUBSIDIARIES, JOINT VENTURES, ASSOCIATE AND OTHER RELATED
COMPANIES
Amounts due from
Group Company
2013
2012
2013
RM000
RM000
RM000
Significant shareholder
Subsidiaries
Joint ventures
Associate
Other related companies*
Amounts due to
81,923
73,091
377
52,442
-
-
58,584
39,447
421,838
318,224
-
37 - - 29,060
503,650
61
63,776
Significant shareholder
Subsidiaries
Joint ventures
Associate
Other related companies*
532,858
894,965
59,022
2012
RM000
155,665
(386,921)
(93,826)
(3,833)
(66)
-
-
(88,734)
(78,676)
(23,000)
-
-
- (69,510)
- (69,510)
(4,723)
(755,023)
(563)
(1,430)
(414,644)
(918,359)
(93,130)
(149,682)
Amount due from/(to) other related companies as at 31 December 2012 were mainly from FHB, which was previously accounted for as an
associate. As at 31 December 2013, the amount due from/(to) FHB has been eliminated at Group as FHB become a wholly owned subsidiary
of the Company on 27 December 2013.
(a)
The amount due from/(to) a significant shareholder, subsidiaries, joint ventures, associate and other related companies are unsecured,
finance free and and have credit terms ranging from 15 to 120 days (2012: 30 to 60 days).
(b)
In 2011, TRT ETGO entered into a credit agreement with its joint venture, Bunge ETGO L.P. whereby it agreed to make its revolving
commitment available to the joint venture. The credit period is two years, ending on 9 December 2013, at an interest rate of Canadian LIBOR
plus 3%. As at 31 December 2012, TRT ETGO had provided loans to Bunge ETGO L.P. amounting to RM75,306,000. With the termination of
the partnership agreement (refer Note 15), the loan was terminated and fully reimbursed on 27 September 2013.
(c)
The amounts due from/(to) a significant shareholder, subsidiaries, joint ventures, associate and other related companies are principally
denominated in Ringgit Malaysia.
274
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
28 AMOUNTS DUE FROM/(TO) A SIGNIFICANT SHAREHOLDER, SUBSIDIARIES, JOINT VENTURES, ASSOCIATE AND OTHER RELATED
COMPANIES (CONTD.)
(d)
Group
2013
2012
RM000 RM000
At 1 January
39,447
197,179
Unwinding of discount
-
139
Advance to subsidiaries
51,218
1,180,417
Conversion into ordinary shares * (Note 22)
(32,081)
Conversion into RCPS/RCCPS # (Note 22)
-
(1,338,532)
-
244
Fair value adjustment
At 31 December
58,584
39,447
Analysed as:
Current
58,584
39,447
2013
On 14 November 2013, the Company subscribed for 73,206,521 ordinary shares of RM1.00 each from Felda Global Ventures
Downstream Sdn. Bhd. (FGVD), a wholly owned subsidiary of the Company, for a cash consideration of RM50,000,000 and by
conversion of an amount due from FGVD of RM23,206,521.
On 18 December 2013, the Company subscribed for 9,774,529 ordinary shares of RM1.00 each from Felda Global Ventures Plantations
Sdn. Bhd. (FGVP), a wholly owned subsidiary of the Company, for a cash consideration of RM900,000 and by conversion of an amount
due from FGVP of RM8,874,529.
On 18 December 2013, the Company subscribed for 68,767,229 ordinary shares of RM1.00 each from FGVD, for a cash consideration
of RM68,767,229.
2012
On 31 December 2012, the Company subscribed for 1,142,038,242 RCPS of RM0.01 each from FGVD, by conversion of amount due
from FGVD of RM1,142,038,242.
On 31 December 2012, the Company subscribed for 196,493,801 RCPS of RM0.01 each from FGVP, by conversion of amount due from
FGVP of RM196,493,801.
275
28 AMOUNTS DUE FROM/(TO) A SIGNIFICANT SHAREHOLDER, SUBSIDIARIES, JOINT VENTURES, ASSOCIATE AND OTHER RELATED
COMPANIES (CONTD.)
Past due but not impaired
As at 31 December 2013, RM56,369,000 (2012: RM10,670,000) of amounts due from a significant shareholder, joint ventures, an associate and
other related companies and RM59,000 (2012: RM827,000) of amounts due from other related companies for the Group and the Company
respectively were past due but not impaired. The ageing analysis of these balances is as follows:
Between
Between
Between
Less than
30 and
61 and
91 days More than
30 days
60 days
90 days
and 1 year
1 year
past due
past due
past due
past due
past due Total
RM000 RM000 RM000 RM000 RM000 RM000
Group
At 31 December 2013
Amount due from a significant shareholder
Amounts due from joint ventures*
Amounts due from other related companies
7,172
-
164
1,663
-
11,574
2,202
-
-
4,242
25,200
7
2,558
1,576
11
17,837
26,776
11,756
7,336
13,237
2,202
29,449
4,145
56,369
At 31 December 2012
Amounts due from joint ventures
-
-
1,496
-
-
1,496
Amounts due from other related companies
3,997
4,971
32
157
17
9,174
3,997
4,971
1,528
157
17
10,670
*
Included in the amounts due from joint venture is an amount due of RM25,688,000 (2012: RM nil). This is to fund the construction and
working capital of a power plant, which will be repaid by the proceeds of a bank loan granted to the joint venture by May 2014.
Between
Between
Between
Less than
30 and
61 and
91 days More than
30 days
60 days
90 days
and 1 year
1 year
past due
past due
past due
past due
past due Total
RM000 RM000 RM000 RM000 RM000 RM000
Company
At 31 December 2013
Amounts due from other related companies
41
11
59
460
161
32
157
17
827
At 31 December 2012
Amounts due from other related companies
Impaired and provided for
Group
As at 31 December 2013, there is no amount due from for the Group that was impaired and provided for.
Company
As at 31 December 2013, certain amounts due from subsidiaries amounting to RM684,000 (2012: RM684,000) of the Company was impaired and
fully provided for. The impaired receivables mainly relate to the recoverability of management fees.
276
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
28 AMOUNTS DUE FROM/(TO) A SIGNIFICANT SHAREHOLDER, SUBSIDIARIES, JOINT VENTURES, ASSOCIATE AND OTHER RELATED
COMPANIES (CONTD.)
Impaired and provided for (Contd.)
Movement of the Companys provision for impairment of amount due from is as follows:
Group
2013
RM000
Amounts due from subsidiaries
At 1 January/31 December
684
2012
RM000
684
Amounts due from a significant shareholder, joint ventures, associate and other related companies of RM476,489,000 (2012: RM884,295,000)
of the Group and amounts due from significant shareholder, subsidiaries, associate and other related companies of RM58,963,000 (2012:
RM154,838,000) of the Company are neither past due nor impaired as it yet to exceed the credit period.
The credit quality of related companies that are neither past due nor impaired can be assessed to historical information about counterparty
default rates:
Amounts due from a significant shareholder
Group 2
Amounts due from subsidiaries
Group 2
Amounts due from joint ventures
Group 2
Amounts due from an associate
Group 2
Amounts due from other related companies
Group 2
Total unimpaired amounts from related parties
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
64,086
73,091
377
52,442
58,584
39,447
395,062
316,728
37 - - -
17,304
494,476
62,949
476,489
884,295
58,963
154,838
277
29
BIOLOGICAL ASSETS
Group
Net book value
2013
Non-current
At 1 January
Acquisition of subsidiaries (Note 22)
Addition:
- Purchases
- New planting development costs
- Transfer from current
Accelerated depreciation
Currency translation differences
Impairment
Write off* (Note 45)
At 31 December
1,864,224
582,307
-
974
-
-
1,864,224
583,281
-
18,166
1,886
(8,682)
(245)
(663)
(32,195)
21,493
-
-
-
-
-
-
-
-
-
-
-
-
-
21,493
18,166
1,886
(8,682)
(245)
(663)
(32,195)
2,424,798
22,467
2,447,265
Current
At 1 January
Additions
Transfer to non-current
Charged to profit or loss
At 31 December
Net book value
2012
-
-
-
-
-
-
-
-
41,662
27,660
(1,886)
(25,945)
41,662
27,660
(1,886)
(25,945)
41,491
41,491
Non-current
At 1 January
Addition:
- New planting development costs
- Transfer from current
Accelerated depreciation
Impairment
Write off
At 31 December
1,858,842
19,476
608
(8,656)
(4,316)
(1,730)
1,864,224
-
-
-
-
-
-
-
-
-
-
1,858,842
19,476
608
(8,656)
(4,316)
(1,730)
1,864,224
Current
At 1 January
Additions
Transfer to non-current
Write off
Charged to profit or loss
At 31 December
-
-
-
-
-
33,324
48,430
(608)
-
(39,484)
41,662
11,198
710
-
(11,908)
-
-
44,522
49,140
(608)
(11,908)
(39,484)
41,662
278
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
29
Included in write off is biological assets written off due to land reclaimed by FELDA amounting to RM25,625,000 (Note 45).
Discount rate of 11.5%, which reflects specific industry risks relating to the plantation business, adjusted for other risk in respect of the
planted area, for instance, size and age.
(i)
Other key assumptions being similar to the key assumptions used to compute the fair value of the LLA liability (Refer Note 45).
Based on the assessment done, using the key assumptions above, the Group has recognised a further impairment of RM663,000 (2012:
RM4,316,000) which is recorded as an impairment loss in costs of sales for the financial year ended 31 December 2013. The balance carrying
amount continues to be subject to accelerated depreciation over the period to the year of planned replanting with a different crop.
30 AVAILABLE FOR SALE FINANCIAL ASSETS
At 1 January
Acquisition of subsidiaries
At 31 December 2013
Group
2013
RM000
211,575
211,575
RM000
191,403
20,172
211,575
279
31 INVENTORIES
Group
2013
2012
RM000 RM000
At cost:
- Finished goods
767,922
50,628
- Raw materials
797,530
398,517
- Work in progress
33,662
21,901
- Chemicals
42,891
78,160
- Stores, consumables and replaceable products
51,636
24,064
1,693,641 573,270
At net realisable value:
46,458
24,397
- Finished goods
1,740,099 597,667
32
RM000
14,962
(2,007)
12,955
10,679
2,276
12,955
Trading securities at fair value through profit or loss are denominated in the following currencies:
- Ringgit Malaysia
- Australian Dollar
- Pakistan Rupee
The fair value of all equity securities is based on their quoted bid prices in an active market.
5,487
5,192
2,276
12,955
280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
33
3,499
15,361
442,740
5,189
1,668
The Group classifies derivative financial instruments as financial assets/liabilities at fair value through profit or loss. None of the derivatives are
designated as hedges as the Group did not apply hedge accounting during the financial year.
The notional amount of foreign currency forward contracts outstanding as at 31 December 2013 is USD298,605,000 (2012: USD180,839,000).
The notional amount of sugar futures contracts outstanding as at 31 December 2013 is nil (2012: 10,160MT).
The notional amount of palm oil futures contracts outstanding as at 31 December 2013 is 54,603 MT (2012: 43,075MT).
The notional amount of rubber forward contracts outstanding as at 31 December 2013 is 2,804 MT (2012: nil).
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
2,149,268
2,391,046
722,734
4,742,038
2,661
1,898,012
60
4,179,552
91,925
4,632,239
396,634
5,464,772
223,600
1,900,673
1,790
4,179,612
4,093
5,028,873
-
5,688,372
(15,369)
1,902,463
-
4,183,705
-
5,028,873
5,673,003
1,902,463
4,183,705
Included in fixed deposits in the previous year was an amount of RM Nil (2012: RM15,369,000) for the Group which has been pledged to a bank as
security for bank guarantees granted to a subsidiary.
281
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
2,190,545
1,603,456
874,429
1,304,306
1,000
16,659
-
11,485 - - 1,063,621 527,395 157,931 490,621
225,659
1,087,086
-
435,125
1,050,368
496
868,313
-
455,063
-
354,257
89,561
1,774,617
-
1,595,303
4,632,239 5,464,772 1,900,673 4,179,612
Others comprises of funds which are invested in Government approved financial institutions regulated by the Bank Negara of Malaysia.
The fixed deposits, cash and bank balances are denominated as follows:
Ringgit Malaysia
United States Dollar
Canadian Dollar
Indonesian Rupiah
Others
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
The weighted average finance rates (per annum) of fixed deposits and bank balances that were effective at the financial year end were as follows:
- Licensed banks
- Licensed financial institutions
Group Company
2013
2012
2013
%
%
%
1.94
2.55
1.98
2.46
2.88
3.15
2012
%
1.80
3.15
Fixed deposits as at 31 December 2013 for the Group and Company have average maturity periods of 90 days (2012: 90 days) and 90 days (2012:
90 days) respectively. Cash and bank balances are deposits held at call with banks.
282
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
35 ASSETS HELD FOR SALE AND LIABILITIES RELATED TO ASSETS HELD FOR SALE
Group
2013
2012
RM000 RM000
Assets held for sale in Kilang Gula Felda Perlis Sendirian Berhad (KGFP)
36
1,941
Assets held for sale in Pontian United Plantations Berhad (PUP)
102,269
Assets held for sale in Felda Holdings Bhd. (FHB)
57,615
Total assets held for sale
159,920
1,941
Liabilities related to assets held for sale in FHB
(95,339)
64,581 1,941
Buildings,
structures and
Plant and Motor
Other
renovations
machinery
vehicle
equipment Total
RM000 RM000 RM000 RM000 RM000
4
-
(4)
1,130
21
(1,128)
-
9
-
-
4
-
1,134
34
(1,132)
23
36
Inventories
As at 1 January
807
(807)
Write off
As at 31 December
2012
Property, plant and equipment (Note 19)
Cost
1,519
18,988
-
-
20,507
Accumulated depreciation
(1,515)
(17,858)
-
-
(19,373)
Net book value
4
1,130
-
-
1,134
Inventories
807
Total assets held for sale
1,941
283
35 ASSETS HELD FOR SALE AND LIABILITIES RELATED TO ASSETS HELD FOR SALE (CONTD.)
Assets held for sale in PUP
On 2 December 2013, PUP received a deposit of RM24,780,000 as part of the purchase consideration for the sale of land in Kukup, Johor. On 10
February 2014, the Group entered into a binding agreement to sell the land for RM121.3 million. The disposal is subject to the fulfilment of the
condition precedents stipulated in the agreement.
Assets held for sale and liabilities related to assets held for sale in FHB
(i)
On 4 April 2013, the Board of Directors of a subsidiary of the Group, Felda Farm Products Sdn. Bhd. (FFP), a subsidiary of FHB, approved
a plan to gradually cease the operations of FFP by way of disposal of assets to a significant shareholder and Felda Global Ventures
Plantations (Malaysia) Sdn. Bhd. (FGVPM), a wholly-owned subsidiary of the Company. Following the disposal of a portion assets in
December 2013, FFP has ceased its operations. The remaining assets and liabilities of FFP amounting to RM26,339,000 and RM4,667,000
respectively were presented in the statement of financial position as Assets held for sale and Liabilities related to assets held for sale.
The Group has approved a proposal to exit the cocoa business of Malaysia Cocoa Manufacturing Sdn. Bhd. (MCM), a subsidiary of FHB,
with the disposal of 100% equity as the preferred option.
Since the disposals were highly probable and the carrying value is to be recovered principally through a sale transaction, the assets and
liabilities of MCM were presented in the statement of financial position as Assets held for sale and Liabilities related to assets held for
sale.
The details as at 31 December 2013 consist of the following:
2013
RM000
Assets
Property, plant and equipment
11,703
Inventories
24,578
Receivable
16,677
Tax recoverable
47
Deposit, cash and bank balance
4,610
Assets held for sale
57,615
Liabilities
Borrowings
Payables
Derivative financial liabilities
Retirement benefits
Liabilities related to assets held for sale
89,888
4,912
324
215
95,339
284
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
36 SHARE CAPITAL
Authorised share capital:
(a)
4,000,000
-
-
2,000,000
12,500
1,987,500
At 31 December
4,000,000
4,000,000
(b)
-
-
12,500
(12,500)
(c)
*
-
At 31 December
4,000,000
4,000,000
3,648,152
1,767,612
-
-
329,950
570,590
Issuance of 980,000,000 shares pursuant to the
Initial Public Offering (IPO)
At 31 December
900,540
980,000
3,648,152
3,648,152
*
-
Total as at 31 December
285
The Special Share may be held only by or transferred only to the Minister of Finance (Incorporated) or its successor or any Minister,
representative or any person authorised by the Government of Malaysia to act on its behalf.
(b)
The Special Shareholder shall have the right from time to time to appoint any existing Director to be a Government Appointed Director so
that there shall not be more than three (3) Government Appointed Director at any one time and such Government Appointed Directors shall
hold the position of the Chairman of the Board of Directors, Managing Director/Chief Executive Officer and one (1) Director.
(c)
The Special Shareholder or any person acting on behalf of the Special Shareholder shall be entitled to receive notice of and to attend and
speak at all general meetings or any other meeting of any class or shareholders of the Company, but the Special Share shall carry no right
to vote nor any other rights at any such meeting.
(d)
The Special Shareholder may, subject to the provisions of the Acts, require the Company to redeem the Special Share at par at any time by
serving written notice upon the Company and delivering the relevant share certificate.
(e)
In a distribution of capital in a winding up of the Company, the Special Shareholder shall be entitled to repayment of the capital paid up on
the Special Share in priority to any repayment of capital to any other Member. The Special Share shall confer no other right to participate
in the capital or profits of the Company.
286
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
37
REDEEMABLE AND NON-VOTING CONVERTIBLE PREFERENCE SHARES (RCPS) AND REDEEMABLE CUMULATIVE AND NON-VOTING
CONVERTIBLE PREFERENCE SHARES (RCCPS)
Group and Company
Number of preference
shares of RM0.01 each
Amount
2013
2012
2013 2012
RM000
RM000
RM000
RM000
Authorised RCPS/RCCPS of RM0.01 each:
At 1 January
Conversion
At 31 December
Issued and fully paid RCPS/RCCPS of RM0.01 each:
At 1 January
Redeemed during the financial year:
- RCPS A
- RCPS B
- RCCPS A
- RCCPS B
- RCCPS C
- RCCPS D
At 31 December
-
-
1,250,000
(1,250,000)
-
-
12,500
(12,500)
900,539,500
9,005
-
-
-
-
-
-
(252,460,000)
(77,489,500)
(164,030,000)
(300,470,000)
(69,970,000)
(36,120,000)
-
-
-
-
-
-
(2,524)
(775)
(1,640)
(3,005)
(700)
(361)
(900,539,500)
(9,005)
On 17 May 2012, the Company converted its 329,949,500 Redeemable and Non-voting Convertible Preference Shares (RCPS) and 570,590,000
Redeemable Cumulative and Non-voting Convertible Preference Shares (RCCPS) at a nominal value of RM0.01 and a premium of RM0.99
per shares into 900,539,500 ordinary shares of RM1.00 each, resulting in an increase the issued and paid up share capital of the Company by
RM900,539,500 from RM1,767,612,000 to RM2,668,151,500.
The dividend payable is based on the performance of the investment to be declared by the Board of Directors of the Group and Company as
they shall deem fit;
(ii) The holder of the RCPS does not have the right to vote at any general meeting except for as stated in the Schedule 2 of the Subscription
Agreement;
(iii) The holder of the RCPS will be entitled to convert part or whole of the RCPS into ordinary shares of RM1 each on the basis of one RCPS for
one new ordinary shares of RM1 each issued and fully paid-up on or before the redemption; and
(iv) The Company will have the right at any time to redeem in whole or in part for RM1 for each RCPS issued.
287
38 SHARE PREMIUM
At 1 January
Redemption of RCPS/RCCPS
Share premium recognised in conjunction with the IPO*
At 31 December
881,783
(881,783)
3,371,685
3,371,685
3,371,685
Group and Company
2012
RM000
Share premium arising from the issuance of 980,000,000 new ordinary shares issued
with a par value of RM1 each at fair value of RM4.55 per share (i)
Share based payment relating to 227,229,800 shares issued at RM4.45 per share (ii)
Share issue expenses (iii)
3,453,277
25,723
(107,315)
3,371,685
(i)
Share premium comprises the 980,000,000 new ordinary shares issued with a par value of RM1 each at a fair value of RM4.55 per share in
conjunction with the listing and quotation of the Companys shares on Main Market of Bursa Malaysia Securities Berhad.
(ii)
Of the 980,000,000 new ordinary shares issued, 257,229,800 shares were issued at an issue price of RM4.45 per share. The difference
between the fair value and issue price was recognised as share based payment as tabulated below:
Group and Company
2012
RM000
1,170,396
(1,144,673)
25,723
(iii) Share issue expenses comprising underwriting fees, placement fees and brokerage fees totalling RM107,315,000 in relation to the IPO
were set off against the share premium account during the financial year in accordance with Section 60 of Companies Act, 1965.
Share premium is not available for distribution as cash dividends.
39
288
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
40
REORGANISATION RESERVE
The reorganisation reserve represents the difference between the fair value of the purchase consideration and carrying value of the net assets
acquired arising from the acquisition of plantation estates.
The movement in the reorganisation reserve is as follows:
Group
2013
RM000
At 1 January
(2,088,969)
2,347,742
-
-
-
(5,842,694)
(54,690)
1,460,673
(4,436,711)
(2,088,969)
(2,088,969)
At 31 December
41
2012
RM000
OTHER RESERVES
Available for sale reserves
Capital redemption reserves
Other reserves
Group Company
2013
2012
2013
RM000
RM000
RM000
13,739
10,052
-
20,027
10,052
33,615
-
10,052
-
2012
RM000
10,052
1,459
Available for sale reserves relates to the Groups share of available for sale reserves of joint ventures and associates.
Capital redemption reserves relates to reserve created upon redemption of RCPS/RCCPS as required by Companies Act, 1965.
Other reserves related to the capital contribution which represents the difference between fair value and advance from a significant shareholder
as a result of the application of FRS139.
42
RETAINED EARNINGS
Under the single-tier tax system which came into effect from the year of assessment 2008, companies are not required to have tax credits
under Section 108 of the Income Tax Act, 1967 for dividend payment purposes. Dividends paid under this system are tax exempt in the hands of
shareholders.
The Company has opted to pay single-tier dividends as it does not have any Section 108 tax credits.
289
43 BORROWINGS
Group
2013
2012
RM000
RM000
Current
Secured:
Term loan
-
38,160
Bankers acceptances
17,498
Unsecured:
Bank overdrafts
24,500
136,642
Revolving credits
Term loan
1,231
1,378,238
561,000
Bankers acceptances
Export credit refinancing
80,000
1,638,109 599,160
Non-current
Secured:
-
509
Term loan
Unsecured:
Term loan
11,801
11,801
509
Total borrowings
Bank overdrafts
Revolving credits
Term loans
Bankers acceptances
Export credit refinancing
Less: Repayable after more than one year
Repayable within one year
24,500
136,642
13,032
1,395,736
80,000
1,649,910 599,669
(11,801)
(509)
1,638,109
599,160
1,638,109
11,801
599,160
509
1,649,910 599,669
Group
2013
RM000
- Ringgit Malaysia
1,485,738
- United States Dollar
22,929
- Canadian Dollar
99,246
- Indonesia Rupiah
24,499
- Thai Baht
17,498
1,649,910
38,669
561,000
-
2012
RM000
561,000
37,766
903
599,669
290
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
43
BORROWINGS (Contd.)
Effective finance rates for borrowings are as follows:
Effective
finance rate
at date of
statement
of financial
Finance
position
rate
% per annum
2013
Bank overdrafts
Fixed
6.60
Revolving credits
Fixed
2.40
Fixed
3.42
Bankers acceptances
Export credit refinancing
Fixed
3.28
Term loans
Floating
6.00
2012
Bankers acceptances
Term loans
Fixed
Floating
3.43
1.03
The term loan is unsecured and repayable by 120 monthly instalments of RM138,775 commencing from January 2014.
As at 31 December 2013, certain bankers acceptances are collateralised by the mortgage and/or pledge by the land, including structures,
machinery, benefits of an insurance covering finished goods, and guaranteed by some of the directors and/or shareholders of the subsidiary
company and by the immediate holding company.
As at 31 December 2012, certain borrowings were secured by fixed deposits pledged to a financial institution amounting to RM15,369,000.
The carrying amounts and fair value of the total borrowings are as follows:
Bank overdrafts
Revolving credits
Term loans
Bankers acceptances
Export credit refinancing
Total
Group
Carrying amount
2013
RM000
2012
RM000
Fair value
2013
RM000
2012
RM000
24,500
-
24,500
136,642
-
136,642
13,032 38,669 13,032 38,669
1,395,736
561,000
1,395,736
561,000
80,000
-
80,000
1,649,910
599,669
1,649,910
599,669
The fair value of total borrowings equals their carrying amount, as the impact of discounting is not significant for borrowings other than term
loans, which have floating finance rate.
291
2,473,828
223,962
1,620,714
219,557
2,697,790
1,840,271
-
223,962
214,286
214,286
214,286
214,285
214,285
335,000
1,067,400
219,557
214,286
214,286
214,286
214,286
214,285
214,28
335,000
-
2,697,790
1,840,27
2,697,790
1,840,271
2012
RM000
1,840,271
Fair value
2013
RM000
2,525,778
2012
RM000
1,757,621
The fair value of loan due to a significant shareholder is based on cash flows discounted using a rate based on the borrowing rate of 6.20%
(2012 : 6.20%).
292
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
The Company entered into an agreement with FELDA on 1 November 2011 to lease for a period of 99 years (i) lands with individual land titles
issued to FELDA as the registered owner (ii) existing lands granted to FELDA for development but where individual land titles have not been
issued to FELDA and (iii) other lands to be alienated or to be acquired by FELDA in the future.
Lands with minerals, as the rights for minerals are excluded from the lease;
Acquisition or intended acquisition under the Land Acquisition Act, 1960 (LAA), notice of reclamation by the relevant authority or
such other notice of a similar nature issued pursuant to any legislation of Malaysia.
In the event of termination, FELDA will provide a notice period ranging from 10 days 18 months, depending on the size of the land and
circumstances of the reclamation.
Upon reclamation, compensation will be receivable from FELDA by the Group for the loss of expected future profits in respect of the lands,
calculated based on the average profit per hectare and the age profile of the applicable biological assets given up.
For lands reclaimed by FELDA on behalf of third parties under Tenancy Agreement dated on 21 January 2012, no compensation will be
receivable by the Company.
(ii)
LLA Addendum
On 2 January 2012, the Company entered into an addendum to LLA (LLA Addendum) to acquire certain assets and liabilities other than
biological assets of the plantation estates owned by FELDA for a purchase consideration equivalent to the carrying values of the assets and
liabilities acquired as at 31 December 2011 amounting to RM54,690,000, removing the requirement for consents from State Authority prior
to commencement of LLA and amending the definition of categories of assets requiring to be maintained by the Company. As a result, the
LLA commenced on 1 January 2012.
On 6 January 2012, as part of its restructuring process, FELDA, the Company and Felda Global Ventures Plantations (Malaysia) Sdn. Bhd.
(FGVPM), a subsidiary of the Company had entered into a novation agreement whereby all benefits, rights, title, interest, obligations,
undertakings, covenants and liabilities of the Company under the LLA and LLA Addendum shall be transferred by the Company to
FGVPM from 1 January 2012 and FELDA has consented to the transfer of all of the Companys benefits, rights, title, interest, obligations,
undertakings, covenants and liabilities to FGVPM subject to the terms and conditions of the novation agreement.
On 6 January 2012, FELDA and FGVPM entered into a tenancy agreement in respect of the LLA of which this tenancy shall be for an initial
period of three years and upon expiry of the three year period, FGVPM shall have the option to renew the tenancy for further terms of three
years each up to a total duration of 99 years unless terminated in accordance with the provisions of the LLA. The option to renew shall
be exercisable by written notice, or by conduct of the parties allowing continued enjoyment of rights of the Lands by FGVPM under the
agreement. In the event that the Approvals for any part of the Lands are obtained from time to time or individual land titles are issued by
the state authorities for any part of the Additional Existing Lands and the Approvals are obtained, the parties will proceed to register the
lease in accordance with the LLA, and thereafter the Approved Lands shall be excluded from this agreement and the tenancy therein and
shall fall under the lease in the LLA.
On 21 January 2012, FELDA and FGVPM entered into a tenancy agreement in respect of certain plantation lands which are vested in
FELDA. This tenancy shall commence on 1 January 2012 and shall be for an initial period of three years. Upon expiry of the intial tenancy
agreements three years term, FGVPM shall have the option to renew the tenancy for further terms of three years each up to a total duration
of 99 years unless terminated in accordance with the provisions of the LLA and at an agreed consideration which reflects the Lease
Consideration in accordance with the LLA. In the event FELDA losses rights to these lands, no compensation is payable to FGVPM.
293
On 21 May 2012, the Tenancy Agreement dated 6 January 2012 was supplemented by an addendum, whereby both FELDA and FGVPM
acknowledged that as at 1 January 2012, FGVPM has yet to be deemed or recognised as native in respect of the lands in Sarawak to the
Land Code of Sarawak. Both FELDA and FGVPM agree to exclude all the Sarawak Lands from the Tenancy Agreement and the LLA. Both
FELDA and FGVPM agree that no lease consideration shall be deemed payable in respect of these Sarawak Lands for the tenancy for the
period commencing from 1 January 2012 until FGVPM has duly obtained the status of native, all Approvals have been obtained and upon
registration of the lease in accordance with the Land Code of Sarawak. Upon fulfilment of the aforementioned conditions, the Sarawak
Lands will be included as part of the Remaining Existing Lands and the terms of the Land Lease Agreement shall be applicable in respect
thereof and the accounting application shall remain the same as per LLA.
In the event the lands or any part thereof at any time become affected by any notice by acquisition under Land Acquisition Act, 1960, the
lessor may not be compensated for the termination costs.
On 17 July 2013, FELDA and FGVPM agreed upon the clarification of several terms within the LLA and its ancillary agreements, as follows:
Maintenance costs of utilities on the lands managed by FELDA in Sahabat shall be charged to FGVPM;
-
-
The refund of the security deposit paid by the company in respect of the LLA (Note 27) shall be by way of set-off towards any payment
of the lease amount prior to expiry or sooner determination of the LLA; and
-
The agreed formula to compute the Implied Revenue with respect to calculating the average fresh fruit bunches (FFB) price used
by FGVPM in the preparation of the statement of plantation operating profit is now clarified via a detailed formula and accompanying
assumptions
The leased land consists of planted oil palm and rubber areas. Based on the agreed leased area, the annual fixed lease amount payable is
estimated to be RM248,481,322 (2012: RM248,481,322) per annum together with 15% (2012: 15%) of yearly plantation operating profit attributable
to the lands.
Non-current
Current
2013
RM000
2012
RM000
4,458,623 5,167,831
385,767 496,938
4,844,390
5,664,769
5,664,769
-
(494,485)
(325,894)
5,842,694
210,178
(388,103)
4,844,390
5,664,769
Included in the fair value changes to profit or loss is a reversal of related LLA liability arising from the land reclaimed by FELDA amounting
RM65,500,000.
294
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
9.47% (2012: 9.47%) based on discount rates applied by relevant comparable companies
(ii)
CPO price
Lease term
Increase by RM181,000,000
Decrease by RM193,000,000
Increase/decrease by RM79,000,000
Increase/decrease by RM11,000,000
Increase/decrease by RM2,000,000
Changes in land area as a result of adjustment arising from the ongoing land reconciliation exercise to ascertain the accurate land area as
provided by the LLA, which was completed in December 2013. This is subject to confirmation by FELDA.
Compensation receivable is estimated based on areas reclaimed by FELDA, and calculated at the average profit per hectare based on the
numbers of years of planting of the applicable biological assets given up. The Group also estimates the corresponding impact to the related
biological assets, property, plant and equipment, prepaid lease payments, and the LLA liability. As a result, the Company (charged)/credited the
following amounts to profit or loss:
Compensation receivable (Note 7)
Write off of biological assets (Note 29)
Reversal of related LLA liability
RM000
82,938
(25,625)
65,500
The land lease agreement has been measured based on significant inputs not observable from market data, and as such is a Level 3 fair value
estimation.
295
46 PROVISIONS
2013
At 1 January
Acquisition of subsidiary
Unwinding of discount
Payment made during the financial year
Currency translation differences
At 31 December
Less: payable within 12 months
Non-current
Group
Provision
Provision
for asset
for termination
retirement
costs Total
RM000
RM000
RM000
4,806
27,000
261
(43)
349
106
-
-
(105)
(1)
4,912
27,000
261
(148)
348
32,373
(82)
-
-
32,373
(82)
32,291
32,291
2012
At 1 January
Unwinding of discount
Payment made during the financial year
Currency translation differences
At 31 December
Less: payable within 12 months
Non-current
4,744
258
(29)
(167)
1,421
-
(1,309)
(6)
6,165
258
(1,338)
(173)
4,806
(306)
106
(106)
4,912
(412)
4,500
4,500
Provision for asset retirement relates to the Groups fatty acids manufacturing facility in USA and mills in Malaysia. The asset retirement
obligation was based on detailed estimates, adjusted for inflation, escalated to the estimated spending dates, and then discounted using an
average credit adjusted risk-free interest rate of which represents managements best estimate of the liability. Actual costs to be incurred in
future periods may vary from estimates, given the inherent uncertainties in evaluating certain exposures subject to the imprecision in estimating
the asset retirement obligation.
In 2011, a subsidiary of the Group, TRT ETGO, recorded a restructuring provision of RM1,421,000. The provision relates principally to the downsizing of the finance and commercial departments following the TRT ETGOs investment in a joint venture. The restructuring plan was drawn
up and announced to the employees and the provision was recognised in 2011. Payments in 2012 were RM1,309,000 and the final payments of
RM105,000 were made in 2013.
.
296
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
47
Group Company
2013
2012
2013
RM000
RM000
RM000
20,399
14,287
6,700
12,729
34,686 19,429
2012
RM000
101
-
186
-
101
186
The retirement benefit scheme is a final salary defined benefit plan with a guaranteed lump sum payment at retirement, which remains open to
new entrants. The housing assistance scheme is final salary defined benefit plan with a guaranteed lump sum payment at retirement or at an
earlier exit through ill-health retirement or death-in-service in Malaysia, which remains open to new entrants.
Following the introduction of the Minimum Retirement Age Act 2012, the Group raised the normal retirement age of the Retirement benefit
scheme to 60 years for Malaysian employees. The amendment results in a decrease in the present value of benefits obligation. This decrease
is represented as a negative past service cost recognised in the profit or loss amounting to RM2,034,000. However, the normal retirement age
for the Housing assistance scheme will remain at age 56 which will be payable at attainment of 56 years old, regardless of whether employees
continue employment until the minimum retirement age of 60 years old. There will be no benefits payable for service earned from age 55 to 60.
The defined benefit plan for Indonesian subsidiary is being described under Indonesian Labour Law No. 13/2003 and the Thailand subsidiary
is Legal Severance Plan where the companies are required to pay legal severance payments to employees who leave employment at their
retirement age, or are terminated by the companies without reason.
The movements during the financial year in the amounts recognised in the statement of financial position of the Group and Company are as
follows:
At 1 January
Recognition of defined benefit plan on transfer of
employees from a related company
Acquisition of subsidiary
Charged to profit or loss
Benefits paid
Re-measurement
At 31 December
Group Company
2013
2012
2013
RM000
RM000
RM000
19,429
492
186
2012
RM000
24
-
18,645
-
16,026
-
-
563
2,523
(32)
21
(1,544)
(3,279)
(34)
212 1,048 (19) 141
34,686
19,429
101
186
297
47
Group Company
2013
2012
2013
2012
RM000
RM000
RM000
RM000
Present value of unfunded obligations
34,474
18,381
120
45
Re-measurement:
- Changes in financial assumptions
(96)
934
(1)
13
- Experience adjustments
308
114
(18)
128
212 1,048 (19) 141
Net liabilities
34,686
19,429
101
186
The amounts recognised in profit or loss are as follows:
Group Company
2013
2012
2013
RM000
RM000
RM000
Current service cost
Finance cost
Past service cost
Expense recognised in profit or loss
2012
RM000
1,711
886
(2,034)
1,397
1,126
-
(42)
10
-
15
6
-
563
2,523
(32)
21
The defined benefit obligations for the Group by country are as follows:
Present value of obligation:
- Malaysia
- Indonesia
- Thailand
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
33,901
19,429
101
186
560 - - 225
-
-
34,686 19,429
101
186
The principal actuarial assumptions used in respect of the G roups and the Companys unfunded defined retirement benefits are as follows:
Discount rate
Expected rate of salary increase
Group Company
2013
2012
2013
%
%
%
4.25-9.75
5.00-10.00
5.25-7.00
6.00-10.00
5.25
5.00
2012
%
6.25
6.00
298
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
47
Between
1 2 years
RM000
Between
2 5 years
RM000
At 31 December 2013
843
1,555
5,417
143,303
151,118
At 31 December 2012
1,112
4,481
7,519
39,857
52,969
Provision for defined benefit plan
48
Over 5
years Total
RM000
RM000
DEFERRED TAXATION
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the
statement of financial position:
Subject to income tax
- Deferred tax assets
- Deferred tax liabilities
Group Company
2013
2012
2013
RM000
RM000
RM000
1,281,465
(620,192)
1,479,710
(91,461)
21,257
-
2012
RM000
6,435
-
299
48
Group Company
2013
2012
2013
RM000
RM000
RM000
1,150,477
130,988
1,339,716
139,994
1,281,465 1,479,710
2012
RM000
18,035
3,222
6,435
-
21,257
6,435
617,629
2,563
89,025
2,436
-
-
-
-
620,192
91,461
661,273
1,388,249
21,257
6,435
1,388,249
(112,784)
(6,435)
(7,933)
1,388,249
(21,257)
(6,435)
300
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
48
Group Company
2013
2012
2013
RM000
RM000
RM000
9,164
28,024
7,953
5,371
1,172,466
56,168
120,802
29,741
11,168
8,721
6,887
2,768
1,416,192
7,974
80,137
2,249
2012
RM000
-
-
-
-
-
3,819
18,919
-
1,835
5,138
-
1,429,689
1,536,096
22,738
6,973
(148,224) (56,386) (1,481) (538)
1,281,465 1,479,710
(18,947)
(724,887)
(2,306)
(18,010)
(2,864)
(1,402)
(19,615)
(125,012)
(2,306)
-
(34)
(880)
21,257
6,435
(665)
(816)
-
-
-
-
(526)
(12)
-
(768,416)
(147,847)
(1,481)
(538)
148,224 56,386 1,481 538
(620,192) (91,461)
The amount of deductible temporary differences and unused tax losses (a portion of which have expiry dates ranging from 2029 to 2033 (2012:
ranging from 2029 to 2032)) for which no deferred tax assets are recognised in the statement of financial position by certain subsidiaries as
the Directors are of the view it is not probable that sufficient taxable profits will be available to allow the deferred tax assets to be utilised is as
follows:
Group
2013
RM000
Unused tax losses
369,431
49
2012
RM000
244,634
301
50 PAYABLES
Trade payables
Other payables and accruals
Amount due to customer on contracts (Note 51)
Group Company
2013
2012
2013
RM000
RM000
RM000
468,737
879,526
921
27,507
321,181
-
-
19,705
-
2012
RM000
32,235
-
Included in other payables are retention monies amounting to RM17,727,000 (2012: RM10,852,000), which are contractually due within the next
1 to 12 months (2012: 1 to 12 months) and deposit received for the sale of land in Kukup, Johor amounting to RM24,780,000 (2012: nil) (Note 35).
The payables are denominated as follows:
- Ringgit Malaysia
- United States Dollar
- Canadian Dollar
- Thai Baht
- Pakistan Rupee
- Indonesian Rupiah
- Others
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
1,048,289
304,301
19,705
32,235
266,047
21,873
-
25,695
22,211
-
3,059 - - -
1,386
-
-
4,568
303
-
140 - - 1,349,184 348,688 19,705 32,235
51 CONSTRUCTION CONTRACTS
Cost incurred to date
Attributable profits less foreseeable losses
Less: Progress billings
Group
2013
RM000
5,638
(921)
40,155
4,818
44,973
(40,256)
4,717
4,717
302
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
52
FINANCIAL INSTRUMENTS
Financial instruments by category
Group
31 December 2013
Assets at
fair value
through
Loans and
profit Available
receivables
and loss
-for-sale Total
RM000
RM000
RM000
RM000
Assets as per statement of financial position
Available-for-sale financial assets
Trade and other receivables excluding prepayments
Amount due from a significant shareholder
Amount due from joint ventures
Amount due from an associate
Amount due from other related companies
Financial assets at fair value through profit or loss
Derivative financial instruments
Cash and cash equivalents
Total
-
1,280,017
81,923
421,838
37
29,060
-
-
5,028,873
-
-
-
-
-
-
12,955
3,499
-
211,575
-
-
-
-
-
-
-
-
211,575
1,280,017
81,923
421,838
37
29,060
12,955
3,499
5,028,873
6,841,748
Other
Liabilities financial
at fair
liabilities at
value through
amortised
profit and loss
cost Total
RM000 RM000 RM000
Liabilities as per statement of financial position
Amount due to a significant shareholder
Amount due to joint ventures
Amount due to other related companies
Borrowings
LLA liability
Derivative financial instruments
Trade and other payables excluding non-financial liabilities
Total
-
386,921
386,921
-
23,000
23,000
-
4,723
4,723
- 4,347,700 4,347,700
4,844,390
-
4,844,390
15,361
-
15,361
-
1,145,288
1,145,288
4,859,751 5,907,632 10,767,383
303
52
-
-
-
-
5,189
-
665,362
73,091
318,224
503,650
5,189
5,688,372
5,189 7,253,888
Other
Liabilities financial
at fair
liabilities at
value through
amortised
profit and loss
cost Total
RM000 RM000 RM000
Liabilities as per statement of financial position
Amount due to a significant shareholder
-
93,826
93,826
-
69,510
69,510
Amount due to an associate
Amount due to other related companies
-
755,023
755,023
- 2,439,940 2,439,940
Borrowings
LLA liability
5,664,769
-
5,664,769
Derivative financial instruments
1,668
-
1,668
Trade and other payables excluding non-financial liabilities
-
244,308
244,308
Total 5,666,437 3,602,607 9,269,044
Company
31 December 2013
Loans and
receivables
RM000
Assets as per statement of financial position
Trade and other receivables excluding prepayments
174,532
Amount due from a significant shareholder
377
Amount due from subsidiaries
58,584
Amount due from other related companies
61
Cash and cash equivalents
1,902,463
Total 2,136,017
304
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
52
Other
financial
liabilities at
amortised
cost
RM000
Liabilities as per statement of financial position
19,705
Trade and other payables excluding non-financial liabilities
Amount due to a significant shareholder
3,833
Amount due to subsidiaries
88,734
Amount due to other related companies
563
Total 112,835
31 December 2012
Loans and
receivables
RM000
Assets as per statement of financial position
Trade and other receivables excluding prepayments
299,314
Amount due from a significant shareholder
52,442
Amount due from subsidiaries
39,447
Amount due from other related companies
63,776
Cash and cash equivalents
4,183,705
Total 4,638,684
Other
financial
liabilities at
amortised
cost
RM000
Liabilities as per statement of financial position
Trade and other payables excluding non-financial liabilities
32,235
Amount due to a significant shareholder
66
Amount due to subsidiaries
78,676
Amount due to an associate
69,510
Amount due to other related companies
1,430
Total 181,917
305
Purchasing of goods and services, including use of public utilities and amenities
Placing of bank deposits with government-related financial institutions
These transactions are conducted in the ordinary course of the Groups business on commercial terms consistently applied in accordance with
the Groups internal policies and processes. These terms do not depend on whether the counterparties are government-related entities or not.
On 27 December 2013, FHB became a wholly-owned subsidiary of the Company. In prior year, FHB was an associate of the Company. For the
consolidated statements of comprehensive income of the Group for the financial year ended 31 December 2013, transactions with FHB and its
group of companies were treated as transactions with associates. For the consolidated statements of financial position of the Group as at 31
December 2013, FHB and its group of companies were treated as subsidiaries of the Group.
Related parties and relationships are summarised as follows:
(i) Subsidiaries
Felda Global Ventures Plantations (Malaysia) Sdn. Bhd. (FGVPM)
Kilang Gula Felda Perlis Sendirian Berhad (KGFP)
Felda Global Ventures Perlis Sdn. Bhd. (FGV Perlis)
Twin Rivers Technologies Holdings, Inc (TRTH)
Twin Rivers Technologies Holdings Enterprise De Transformation De Graines Oleagineuses (TRT ETGO)
Felda Global Ventures Downstream Sdn. Bhd. (FGVD)
Felda Global Ventures North America Sdn. Bhd. (FGVNA)
Felda Global Ventures Plantations Sdn. Bhd. (FGVP)
Felda Global Ventures Shared Service Centre Sdn. Bhd. (FGVSSC)
Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK)
Felda Holdings Berhad (FHB)
Pontian United Plantations Berhad (PUP)
Delima Oil Products Sdn. Bhd. (DOPSB)
Felda Agricultural Services Sdn. Bhd. (FASSB)
Felda Kernel Products Sdn. Bhd. (FKPSB)
Felda Marketing Services Sdn. Bhd. (FELMA)
Felda Palm Industries Sdn. Bhd. (FPISB)
Felda Plantations Sdn. Bhd. (FPSB)
Felda Prodata Systems Sdn. Bhd. (FPSSB)
Felda Rubber Industries Sdn. Bhd. (FRISB)
Felda Security Services Sdn. Bhd. (FSSSB)
FPM Sdn. Bhd. (FPMSB)
Felda Vegetable Oil Products Sdn. Bhd. (FVOPSB)
Felda Travel Sdn. Bhd. (Felda Travel)
(ii)
Joint ventures
Bunge ETGO L.P. (Bunge ETGO)
Felda Iffco Sdn. Bhd. (FISB)
306
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(a)
Relationship
FELDA
Felda Iffco Inc (FINA)
Significant shareholder
Subsidiary of FISB
(i) Transactions with subsidiaries
Sales of investment in FISB to FGVD
Sales of investment in FGVNA to FGVD
Sales of investment in FGVK to FGVP
Capital contribution to FGVP and FGVSSC
Dividend received from subsidiaries
Management fees received from subsidiaries
(ii)
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
273,819
23,830
94,941
632,100
188,583
283,400
529,895
38,731
21,782
2,189,549
59,575
1,914,338
-
-
-
-
-
-
76,863
-
173,279
23,718
2,242,503
38,280
2,750,741
27,143
-
2,388,338
54,464
2,316,189
-
121,455
-
-
-
-
-
52,051
88,637
52,051
88,637
82,938
52,440
52,440
307
(b)
(i) Transactions with an associate
Management fees charged by FHB
(ii)
(iii)
(c)
Other transactions
(d)
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
55,909
89,369
42,216
74,267
61,353
229,129
306,179
524,998
33,959
6,977,255
16,450
11,606
56,556
13,874
35,130
7,022,703
16,000
16,895
40,481
9,163
-
-
2,281
-
292
-
1,628
9
-
12,340
93,085
91,174
93,085
91,174
16,902
325,894
17,931
388,103
-
-
29,377
134,623
1,135
58,190
274,476
40,597
-
-
-
-
(i)
Transactions between subsidiaries and other
government agencies
308
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(e)
Key management personnel comprise of Directors and senior management with the rank of Vice President and above, having authority and
responsibility for planning, directing and controlling the activities of the Group either directly or indirectly.
The aggregate amount of emoluments received/receivable by key management personnel of the Group and the Company during the year
is as follows:
Fees
Salaries and bonuses
Defined contribution retirement plan
Other short-term employee benefits
(f)
Group Company
2013
2012
2013
RM000
RM000
RM000
2012
RM000
Loans due from Felda Iffco Inc., subsidiary of a joint venture. Terms and conditions of the loan are disclosed in Note 26 to the financial
statements.
Group
2013
RM000
At 1 January
-
Currency translation differences
1,917
Less: Impairment
(1,917)
At 31 December
-
(ii)
27,926
(974)
(26,952)
-
Loans due to a significant shareholder. Terms and conditions of the loan are disclosed in Note 44 to the financial statements.
At 1 January
Addition
Repayment
Finance expense
Finance paid
At 31 December
2012
RM000
1,840,271
309
(f)
Group
2013
2012
RM000
RM000
At 1 January
75,306
45,520
Disbursement
- 29,552
Repayment
(75,033) (273)
234
Currency translation differences
At 31 December
-
75,306
54 COMMITMENTS
(a)
The Group leases premises, railroads cars, storage tanks, meal storage facilities and certain equipments from various parties under
operating lease arrangement.
None of the leases includes contingent rentals. There are no restrictions placed upon the Group by entering into these leases.
The future aggregate minimum lease payments under non-cancellable operating lease are as follows:
Group
2013
2012
RM000
RM000
Within 1 year
6,306
13,558
Between 1 and 2 years
13,669
12,432
11,821
11,480
Between 2 and 3 years
Between 3 and 4 years
9,933
10,776
Between 4 and 5 years
9,591
9,844
More than 5 years
39,270
52,755
90,590 110,845
The lease payments recognised in profit or loss during the financial year amounted to RM6,659,000 (2012: RM9,887,000).
310
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
54 COMMITMENTS (Cond.)
(a)
Operating lease receipts represent rentals receivable by the Group for natural oil tanks and oil pipeline system rented out.
The future aggregate minimum lease receivables under non-cancellable operating lease are as follows:
Group
2013
2012
RM000
RM000
Within 1 year
1,008
1,165
Between 1 and 2 years
439
1,043
Between 2 and 3 years
-
498
1,447 2,706
R
ental income recognised in profit or loss during the financial year amounted RM309,000 (2012: RM1,312,000).
(b)
Capital commitments
Group
2013
RM000
Capital expenditure approved and contracted for:
- Property, plant and equipment
444,787
- Biological assets
10,639
- Intangible assets
1,367
2012
RM000
92,507
-
-
413,930
66,101
296,724
31,963
85,629
1,022,453 421,194
55 CONTINGENT LIABILITIES
(i)
On 3 September 2010, FPISB and FELDA were sued by 514 settlers of Felda Serting Scheme and 252 settlers of Felda Gugusan Raja Alias
Scheme in Jempol, Negeri Sembilan for alleged fraud and manipulation of the extraction rate for palm oil. The claim amounted to RM15.4
million for year the 2008 only. The matter is still on going for trial and will be continued hearing on 5,8 and 9 May 2014.
(ii)
On 12 July 2011, FPISB and FELDA were sued by 711 settlers of Felda Jengka 1 to 25 and Felda Sg. Tekam in Temerloh, Pahang (Jengka
A) for alleged fraud and manipulation of the extraction rate of palm oil. The claim amounted to RM22.9 million for year the 2008 only. This
case was called for mention on 18 September 2013 and the Judge has ordered the Plaintiffs to determine who actually has the locus standi
to sue in this suit and to determine which Plaintiffs have signed agreements with Felda. The matter is now fixed for trial on 8 to 11 July 2014.
(iii) On 10 November 2011, FPISB and FELDA were sued by 365 settlers of Felda Jengka 1 to 7, 10, 13 to 19, 23 to 24, Felda Ulu Jempol and Felda
Sg. Tekam Utara (Jengka B) for alleged fraud and manipulation of the extraction rate of palm oil. The claim amounted to RM11.7 million for
the year 2008 only. The Court had on 19 April 2012 allowed an order in terms for application by FELDA and FPISB to strike out 20 Plaintiffs
with costs. The matter is now fixed for trial on 11 to 15 August 2014.
311
On 10 May 2012, FPISB and FELDA were sued by 770 settlers of Rancangan Felda Chini 1 to 5 and Rancangan Felda Chini Timur 1 to 3 in
Pahang for alleged fraud and manipulation of the extraction rate of palm oil. The claim amounted to RM24.8 million for the year 2008 only.
FPISB has to file a Memorandum of Appearance in High Court on 16 May 2012 and the court fixed 2 to 6 June 2014 for case management to
fix trial dates.
(vi)
On 5 June 2012, FPISB and FELDA were sued by 956 settlers of Rancangan Felda Keratong 1 to 10 for alleged fraud and manipulation of the
extraction rate of palm oil. The claim amounted to RM30.9 million for the year 2008 only. FPISB has filed a Memorandum of Appearance in
High Court on 26 June 2012 and the matter is now fixed for trial on 2 to 13 June 2014.
(vii) On 25 January 2013, FPISB and FELDA were sued by 351 settlers of Rancangan Felda Mempaga for alleged fraud and manipulation of the
extraction of palm oil. The claim amounted to RM11.3 million for the year 2008 only. The High Court of Temerloh fixed the matter for trial on
22 to 26 September 2014.
Based on available information and on legal advices received, the Directors are of the view that there is a reasonable chance of defending all the
above claims and therefore, no provision has been made in the financial statements.
56 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
(a)
On 29 January 2013, the Company announced its acceptance of the Voluntary General Offer (VGO) for Tradewinds (M) Berhad (Tradewinds)
for a cash offer price of RM9.30 per offer share.
On 28 February 2013, the disposal of 20% equity interest in Tradewinds was completed for a total consideration of RM551.43 million, which
resulted in a gain on disposal of RM26.67 million for the Group and RM343.82 million for the Company.
(b)
On 17 April 2013, Felda Global Ventures Downstream Sdn. Bhd. (FGVD), a wholly-owned subsidiary of the Company, signed an Asset
Purchase Agreement with Mission Biotechnologies Sdn. Bhd. to acquire its assets including a biodiesel refinery at Kuantan Port for USD11.5
million (RM36.9 million). The acquisition was completed on 9 October 2013.
(c)
On 28 June 2013, Twin Rivers Technologies Enterprises De Transformation De Graines Oleagineuses Due Quebec Inc. (TRT ETGO), a
wholly-owned subsidiary of Twin Rivers Technologies Enterprises Holdings De Transformation De Graines Oleagineuses Du Quebec Inc.
(TRTH ETGO), which in turn is a wholly-owned subsidiary of the Company through FGVD and Felda Global Ventures North America Sdn.
Bhd. (FGVNA) terminated its joint venture with Bunge Ventures Canada L.P. (Bunge), comprising the business of the joint venture and
dissolving the joint venture entity and terminating the various agreements and arrangements among the parties related to the joint venture
including the tolling agreement entered into between Bunge ETGO L.P. and TRT ETGO. The parties entered into a Termination Agreement
setting out the manner in which the joint venture and partnership will be wound down and dissolved.
The business of the joint venture terminated on 31 August 2013 and the entity was dissolved on 30 November 2013.
(d)
On 9 July 2013, Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK), a wholly owned subsidiary of the Group had entered into a Shares
Purchase Agreement to acquire 1,187 shares of Rp1,000,000 each in the share capital of PT Temila Agro Abadi (PT TAA), representing 95%
of the total issued and fully paid-up share capital of PT TAA from the existing shareholders of PT TAA namely Paul Sugandi, Janti Susanto,
Evelyn Suwandi and Yenny Suwandi, all of whom are Indonesian citizens, for a total purchase consideration of US$8,075,000 (RM25,916,713).
Upon completion of the proposed PT TAA acquisition, PT TAA will become a 95% owned subsidiary of FGVK. Paul Sugandi will hold 5% equity
interest in PT TAA after the proposed PT TAA acquisition is completed. As at 31 December 2013, FGVK has paid a deposit of RM9.06 million.
(e)
On 9 July 2013, FGVK had entered into a Conditional Sale and Purchase of Shares Agreement to acquire 285 shares of Rp1,000,000 each in
the share capital of PT. Landak Bhakti Palma (PT LBP), representing 95% of the total issued and fully paid-up share capital of PT LBP, from
the existing shareholders of PT LBP namely Lidya, Timotius Sintrajaya and Joko Sintra Jaya, all of whom are Indonesian citizens, for a total
purchase consideration of RM18,302,700.
Upon completion of the proposed PT LBP acquisition, PT LBP will become a 95% owned subsidiary of FGVK. Joko Sintra Jaya will hold 5%
equity interest in PT LBP after the proposed PT LBP acquisition is completed. As at 31 December 2013, FGVK has paid a deposit of RM3.66
million.
312
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
(f)
On 18 July 2013, AmInvestment Bank had, on behalf of the Company, served the notice of Voluntary Conditional Take-Over Offer (Offer) to
acquire 100% of the equity interest of RM1.00 each in Pontian United Plantations Berhad (PUP) for a cash consideration of RM140.00 per
offer share. The proposed acquisition of PUP through the Offer is in line with the Groups plans to expand its oil palm plantation business.
On 20 September 2013, the Company received valid acceptances for a total of 8,648,280 Pontian Shares, representing 100% of the issued
and paid-up share capital of PUP for a total consideration of RM1,203.84 million or RM139.20 per share.The acquisition of PUP has been
completed on 1 October 2013 with all the PUP Shares registered in the name of the Company.
(g)
On 18 October 2013, the Company and Koperasi Permodalan Felda Malaysia Berhad (KPF) executed a Conditional Share Purchase
Agreement to acquire 112,199,999 shares in Felda Holdings Berhad (FHB), an associate of the Company representing the remaining
51% of equity interest in FHB from KPF for a purchase consideration of RM2.20 billion or RM19.61 per FHB share. T
he acquisition was
completed on 27 December 2013.
(h)
On 30 October 2013, FGVD signed a non-binding Memorandum of Understanding (MOU) with Cambridge Nanosytems Limited (CNL), a
company incorporated in Fullborn, Cambridge, United Kingdom to explore the possibility of collaborating with each other with regards to a
proposed joint venture, through a proposed acquisition of seventy per cent (70%) of the issued share capital of CNL by FGVD to be satisfied
by a total consideration of GBP10 million (RM54.13 million), to undertake the production, manufacturing, marketing, selling and/or trading
of high grade carbon nanotubes and graphene from crude palm oil and methane as feedstock by using a certain technology.
The MOU sets out the understanding and intention of the parties during this interim exploratory period. The MOU shall remain valid for
six (6) months or such extended period as agreed in writing by the parties. As at 31 December 2013, the Group has paid GBP4 (RM22) and
gained control of CNL.
(i)
On 13 November 2013, FGVD entered into a joint venture and shareholders agreement with Lipidventure Sdn. Bhd. to establish a joint
venture company to undertake the development, contruction, fabrication and operation of a plant in Kuantan, Pahang for production of
tocotrienol (vitamin E) from refined bleached palm oil.
The joint venture company, FGV Lipid Venture Sdn. Bhd. was incorporated on 28 November 2013. The business of the joint venture is
expected to commence in the fourth quarter of the financial year ending 31 December 2015.
(j)
By way of a written award of compensation dated 31 December 2013, the Perlis State Government was obliged to pay RM43.04 million as
compensation for the compulsory acquisition of Lot 194 Mukim Chuping, Perlis from a subsidiary of the Company. As a result, a gain on
disposal of RM4,508,000 was recognised.
On 14 January 2014, a subsidiary of FGVD, CNL, has signed a Share Purchase Agreement for acquisition of GasPlas AS (GP), for a purchase
price of GBP5.9 million (RM31.9 million). GP is a company incorporated in Norway and through its wholly owned subsidiary, EnPlas Ltd
which is incorporated in United Kingdom and based in Norwich, collectively holds patents and owned Micro-Wave Plasma reactors which
will be used to produce high grade carbon nanotubes and graphene using crude palm oil and methane as the feedstock using a certain
technology. The acquisition of GP by CNL was completed on 16 January 2014.
(b)
On 8 March 2014, FGV Myanmar (L) Pte Ltd, a wholly owned subsidiary of the Company entered in a joint venture agreement with Pho La
Min Trading Company Limited (PLM) to establish joint venture company in the Republic Union of Myanmar to carry out the business of
rubber plantation, processing, sale and marketing of rubber and other activities incidental and ancillary thereto and modifications and/or
expansions thereof as mutually agreed by the parties (proposed joint venture).
Bearing any unforeseen circumstances, the proposed joint venture is expected to be completed in the fourth quarter of the financial year
ended 2014.
313
supplementary information
Group Company
2013
2012
2013
RM000
RM000
RM000
4,090,421
(249,888)
21,920
31,624
2012
RM000
329,741
18,940
259,346
5,488
(75,625)
(63,380)
(99,476)
9,958
(139,005) (89,518)
(2)
-
2,085,575
(68,337)
(2) 2,017,238
(2,022,376)
(789,446)
-
-
-
-
The unrealised portion of retained earnings comprises deferred tax expense, cumulative net gains arising from financial instruments at fair value
through profit and loss and translation gains and losses on monetary items denominated other than in Ringgit Malaysia.
PENYATA
KEWANGAN
316
319
319
Akuan Berkanun
320
322
324
326
328
330
333
455
Maklumat Tambahan
Penyata Kewangan ini adalah terjamahan daripada Penyata Kewangan Bahasa Inggeris. Jika terdapat apa-apa
percanggahan atau ketidakselarasan antara kedua-dua versi, versi Bahasa Inggeris akan diguna pakai.
316
KEGIATAN UTAMA
Syarikat secara asasnya merupakan sebuah syarikat pegangan pelaburan dengan pelaburan utama dalam perladangan kelapa sawit dan pelbagai
kegiatan hiliran yang berkaitan, penapisan gula, perkilangan, logistik dan lain-lain. Kegiatan utama anak-anak syarikat dinyatakan dalam Nota 22
penyata kewangan.
Tiada sebarang perubahan berlaku dalam kegiatan Kumpulan dan Syarikat sepanjang tahun kewangan ini selain daripada yang dinyatakan dalam Nota
56 kepada penyata kewangan.
KEPUTUSAN KEWANGAN
Kumpulan Syarikat
RM000 RM000
Keuntungan boleh diagihkan kepada pemilik Syarikat
982,251
611,351
Kepentingan pihak tidak mengawal
126,047
Keuntungan bagi tahun kewangan
1,108,298
611,351
DIVIDEN
Dividen ke atas saham biasa berbayar atau diisytihar oleh Syarikat sejak 31 Disember 2012 adalah seperti berikut:
RM000
Bagi tahun kewangan berakhir 31 Disember 2012:
- Dividen akhir peringkat pertama sebanyak 8.5 sen sesaham, dibayar pada 12 Julai 2013
310,093
bagi tahun kewangan berakhir 31 Disember 2013:
- Dividen interim peringkat pertama sebanyak 6.0 sen sesaham, dibayar pada 27 Disember 2013
218,889
Jumlah 528,982
Lembaga Pengarah mencadangkan pembayaran dividen akhir peringkat pertama sebanyak 10.0 sen sesaham berjumlah RM364.8 juta yang tidak
dikenakan cukai dalam tangan pemegang saham sejajar dengan perenggan 12B Jadual 6 Akta Cukai Pendapatan, 1967, yang tertakluk kepada
kelulusan pemegang saham pada Mesyuarat Agung Tahunan Syarikat yang akan datang.
PARA PENGARAH
Para Pengarah yang telah memegang jawatan sejak tarikh laporan terakhir adalah seperti berikut:
Tan Sri Haji Mohd Isa Dato Hj Abdul Samad
Mohd Emir Mavani Abdullah
Datuk Dr. Omar Salim
Dato Yahaya Abd Jabar
Dato Paduka Ismee Ismail
(Pengerusi)
317
Diberi/
Pada1.1.13
dibeli
Tan Sri Haji Mohd Isa Dato Hj Abdul Samad
180,000
-
Mohd Emir Mavani Abdullah
150,000
-
Datuk Dr. Omar Salim
150,000
-
Dato Yahaya Abd Jabar
150,000
-
150,000
-
Tan Sri Dato Dr. Wan Abdul Aziz Wan Abdullah
(Dilupuskan)
Pada 31.12.13
-
-
-
(150,000)
-
180,000
150,000
150,000
150,000
Diberi/
Pada1.1.13
dibeli
Tan Sri Haji Mohd Isa Dato Hj Abdul Samad
20,000
-
Datuk Dr. Omar Salim
20,000
-
Tan Sri Dato Dr. Wan Abdul Aziz Wan Abdullah
20,000
-
(Dilupuskan)
-
-
-
Pada 31.12.13
20,000
20,000
20,000
Selain daripada yang dinyatakan di atas, menurut Daftar Pegangan Saham Pengarah, para Pengarah yang memegang jawatan pada akhir tahun
kewangan tidak memiliki sebarang kepentingan dalam saham dan opsyen saham Syarikat, atau saham, opsyen saham dan debentur syarikat-syarikat
berkaitan semasa tahun kewangan.
318
LAPORAN PARA PENGARAH
memastikan supaya langkah sewajarnya telah diambil berkaitan hapus kira hutang lapuk dan menyediakan peruntukan bagi hutang ragu dan
berpuas hati bahawa semua hutang lapuk yang dikenal pasti telah dihapus kira dan peruntukan yang mencukupi telah disediakan bagi hutang
ragu; dan
(b)
memastikan bahawa sebarang aset semasa, selain daripada hutang, yang tidak mungkin direalisasi dalam perjalanan perniagaan biasa, di mana
nilainya seperti yang dibentangkan dalam rekod perakaunan Kumpulan dan Syarikat, telah diturun nilai kepada satu jumlah yang mungkin boleh
direalisasi.
Pada tarikh laporan ini, para Pengarah tidak menyedari sebarang keadaan yang:
(a)
boleh menjadikan jumlah yang telah dihapus kira bagi hutang lapuk atau jumlah peruntukan hutang ragu dalam penyata kewangan Kumpulan
dan Syarikat tidak mencukupi sehingga ke satu tahap yang penting; atau
(b)
boleh menjadikan nilai-nilai daripada aset semasa dalam penyata kewangan Kumpulan dan Syarikat mengelirukan; atau
(c)
telah timbul yang menyebabkan pematuhan kepada kaedah penilaian aset atau liabiliti Kumpulan dan Syarikat yang sedia ada mengelirukan
atau tidak wajar.
Tiada luarjangka atau liabiliti telah berkuatkuasa atau mungkin berkuatkuasa dalam tempoh dua belas (12) bulan selepas berakhirnya tahun kewangan
yang mana pada pendapat para Pengarah, akan atau boleh menjejaskan kebolehan Kumpulan atau Syarikat dalam memenuhi tanggungjawab mereka
apabila tiba masanya.
Pada tarikh laporan ini, tidak wujud:
(a)
sebarang caj ke atas aset Kumpulan dan Syarikat yang telah timbul sejak berakhir tahun kewangan yang menjamin liabiliti mana-mana individu;
atau
(b)
sebarang liabiliti luar jangka bagi Kumpulan dan Syarikat yang telah timbul sejak berakhirnya tahun kewangan.
Pada tarikh laporan ini, para Pengarah tidak menyedari sebarang keadaan yang tidak dibincangkan dalam laporan ini atau penyata kewangan yang
boleh menyebabkan sebarang jumlah yang dinyatakan dalam penyata kewangan mengelirukan.
Pada pendapat para Pengarah:
(a)
keputusan operasi Kumpulan dan Syarikat pada tahun kewangan tidak rosot nilai dengan ketara disebabkan oleh sebarang perkara, urusniaga
atau peristiwa penting dan luarbiasa, selain daripada yang didedahkan dalam Nota 56 penyata kewangan; dan
(b)
tidak timbul dalam selang masa antara akhir tahun kewangan dan tarikh laporan ini sebarang perkara, urusniaga atau peristiwa penting dan
luarbiasa yang berkemungkinan menjejaskan keputusan operasi Kumpulan dan Syarikat dengan ketara bagi tahun kewangan di mana laporan
ini dibuat, selain daripada yang didedahkan dalam Nota 57 kepada penyata kewangan.
JURUAUDIT
Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan mereka untuk meneruskan khidmat.
Ditandatangani bagi pihak Lembaga Pengarah menurut resolusi bertarikh 29 April 2014.
319
Kuala Lumpur
AKUAN BERKANUN
PESURUHJAYA SUMPAH
320
Pada pendapat kami, rekod perakaunan dan rekod-rekod lain serta senarai daftar yang perlu disimpan mengikut kehendak Akta telah disimpan
dengan sempurna menurut Akta tersebut oleh Syarikat dan anak-anak syarikatnya yang mana kami bertindak sebagai juruaudit.
(b)
Kami telah mengambilkira penyata kewangan dan laporan juruaudit ke atas semua anak syarikat yang mana kami tidak bertindak sebagai
juruaudit, seperti yang dinyatakan dalam Nota 22 kepada penyata kewangan.
(c)
Kami berpuas hati bahawa penyata kewangan anak-anak syarikat yang telah disatukan dengan penyata kewangan Syarikat adalah lengkap dan
kandungannya wajar dan sesuai untuk tujuan penyediaan penyata kewangan Kumpulan dan kami telah menerima maklumat dan penjelasan
yang memuaskan untuk tujuan tersebut.
(d)
Laporan audit ke atas penyata kewangan anak-anak syarikat tidak mengandungi sebarang kelayakan atau komen tidak memuaskan yang dibuat
di bawah Seksyen 174 (3) Akta tersebut.
321
PERKARA-PERKARA LAIN
Laporan ini dibuat hanya untuk ahli-ahli Syarikat sebagai sebuah badan, menurut Seksyen 174 Akta Syarikat, 1965 di Malaysia dan bukan untuk
sebarang tujuan lain. Kami tidak bertanggungjawab ke atas mana-mana pihak untuk isi kandungan laporan ini.
PRICEWATERHOUSECOOPERS
(No. AF: 1146)
Akauntan Bertauliah
322
Kumpulan Syarikat
2013 2012 2013 2012
Nota RM000 RM000 RM000 RM000
Operasi Berterusan
Perolehan
6 12,568,008 12,886,499 550,360 921,735
Kos jualan
(11,689,738)
(11,319,137) (132,581) (117,195)
Keuntungan kasar 878,270
1,567,362 417,779 804,540
Lain-lain pendapatan operasi
7
508,820
40,512
343,826
105
Kos jualan dan pengagihan
(208,183)
(158,146)
-
Perbelanjaan pentadbiran (193,180)
(250,198) (61,680) (90,984)
8
(2,181)
(37,464)
(12,396)
(180,002)
Lain-lain perbelanjaan operasi
Lain-lain (kerugian)/keuntungan , bersih
9
494,261
(204,793)
-
-
Keuntungan operasi
1,477,807 957,273 687,529 533,659
Pendapatan kewangan
Kos kewangan
Pendapatan/(kos) kewangan bersih
10 164,172 107,273
-
139
10 (103,429)
(111,280) (93,168) (93,680)
10
60,743
(4,007)
(93,168)
(93,541)
201,079
(60,676)
-
-
1,093,669
594,361
440,118
Zakat
13
(32,612)
(16,580)
-
Cukai
14 (366,659) (204,582) 16,990 (4,137)
Keuntungan bagi tahun kewangan
daripada operasi berterusan
1,137,051
872,507
611,351
435,981
Operasi Diberhentikan
(Kerugian)/keuntungan daripada
15
(28,753)
operasi diberhentikan
Keuntungan bagi tahun kewangan
1,108,298
32,551
905,058
611,351
435,981
(1,048)
19
(141)
(212)
323
Kumpulan Syarikat
2013 2012 2013 2012
Nota RM000 RM000 RM000 RM000
Keuntungan boleh diagihkan kepada:
Pemilik Syarikat 982,251 805,953 611,351 435,981
Kepentingan pihak tidak mengawal
126,047
99,105
-
1,108,298 905,058 611,351 435,981
Jumlah pendapatan komprehensif
boleh diagihkan kepada:
1,014,304 763,023 611,370 435,840
Pemilik Syarikat
Kepentingan pihak tidak mengawal
125,940
99,104
-
1,140,244 862,127 611,370 435,840
Jumlah pendapatan komprehensif
diagihkan kepada pemegang saham
ekuiti terhasil daripada:
1,043,057
730,472
611,370
435,840
- Operasi berterusan
- Operasi diberhentikan
(28,753)
32,551
-
1,014,304 763,023 611,370 435,840
17
EPS asas dicairkan (sen)
- Daripada operasi berterusan
27.7
27.3
- Daripada operasi diberhentikan
(0.8)
1.2
26.9 28.5
324
Kumpulan Syarikat
2013 2012 2013 2012
Nota RM000 RM000 RM000 RM000
ASET
Aset bukan semasa
Hartanah, loji dan peralatan
Pelaburan hartanah
Aset tidak nyata
Pelaburan dalam anak-anak syarikat
Kepentingan dalam syarikat-syarikat bersekutu
Kepentingan dalam syarikat usahasama
Bayaran pajakan prabayar
Belum terima
Aset biologi
Aset cukai tertunda
Aset kewangan tersedia untuk dijual
19
5,682,552
1,683,316
9,547
551
20
129,628
40,378
-
21
876,261
707,099
5,965
5,749
22
-
-
8,024,403
2,901,093
23
371,063
2,386,306
-
1,775,226
24
547,564
333,577
-
25
40,969
715
-
27
84,441
8,198
-
29 2,447,265 1,864,224
-
48
1,281,465
1,479,710
21,257
6,435
30
211,575
-
-
-
11,672,783 8,503,523 8,061,172 4,689,054
Aset semasa
Inventori
31 1,740,099 597,667
-
Aset biologi
29 41,491 41,662
-
Belum terima
27
1,351,512 742,765 174,974 301,047
Jumlah belum terima daripada pemegang
saham penting
28
81,923
73,091
377
52,442
Jumlah belum terima daripada anak-anak
28
-
-
58,584
39,447
syarikat
Jumlah belum terima daripada syarikat-syarikat
usahasama
28
421,838
318,224
-
Jumlah belum terima daripada syarikat
bersekutu
28
37
-
-
Jumlah belum terima daripada syarikat-syarikat
28
29,060
503,650
61
63,776
bersekutu lain
Cukai boleh diperoleh semula
177,575
23,217
18,617
16,037
Instrumen kewangan pada nilai saksama
melalui keuntungan dan kerugian
32
12,955
-
-
Instrumen kewangan derivatif
33
3,499
5,189
-
Tunai dan kesetaraan tunai
34
5,028,873
5,688,372
1,902,463
4,183,705
8,888,862 7,993,837 2,155,076 4,656,454
Aset dipegang untuk dijual
35
159,920
1,941
-
9,048,782 7,995,778 2,155,076 4,656,454
Jumlah aset 20,721,565 16,499,301 10,216,248 9,345,508
EKUITI DAN LIABILITI
Modal dan Rizab
Modal saham
Premium saham
Rizab pertukaran matawang
Rizab penyusunan semula
Lain-lain rizab
Perolehan tersimpan
6,571,008
2,374,788
6,102,364
857,815
7,378,570
-
7,296,182
-
325
Kumpulan Syarikat
2013 2012 2013 2012
Nota RM000 RM000 RM000 RM000
Liabiliti bukan semasa
Pinjaman
Pinjaman belum terima kepada pemegang
saham penting
Liabiliti perjanjian pajakan tanah (LLA)
Peruntukan
Pelan manfaat tertakrif
Liabiliti cukai tertunda
Kontrak jaminan kewangan
43 11,801
509
44
2,473,828
1,620,714
2,473,828
1,620,714
45
4,458,623
5,167,831
-
46 32,291 4,500
-
47
34,686
19,429
101
186
48
620,192
91,461
-
49 - - -
26,952
20,721,565
16,499,301
10,216,248
9,345,508
(212)
(212)
(212)
4,538
(21,216)
(495,367)
(545,660)
1,391,033
845,373
- 1,679,150 6,571,008 2,374,788 8,945,796
(33,615)
- -
16,677 -
14,928 - -
660
32,265
(107)
32,158
Jumlah pendapatan komprehensif
bagi tahun kewangan - -
16,677 -
14,928 - -
982,699
1,014,304
125,940
1,140,244
Pada 1 Januari 2013 3,648,152 3,371,685 (84,016) (2,088,969) 20,027 10,052 33,615 1,191,818 6,102,364 857,815 6,960,179
Keuntungan bagi tahun kewangan - - - - - - -
982,251
982,251
126,047
1,108,298
2013
Rizab
pertukaran
Rizab
Modal
Premium
matawang
penyusunan Rizab Rizab
Keuntungan
Kepentingan
saham saham asing semula
tersedia
penebusan
tersimpan
pihak tidak Jumlah
Nota
(Nota 36)
(Nota 38)
(Nota 39)
(Nota 40) untuk dijual
modal
Lain-lain
(Nota 42)
Jumlah
mengawal
ekuiti
Kumpulan
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
326
- 3,371,685 (84,016) (2,088,969) 20,027 10,052 33,615 1,191,818 6,102,364 857,815 6,960,179
Terbitan saham
36
1,880,540 -
3,479,000 - - - - - -
5,359,540 -
5,359,540
Penebusan saham keutamaan
37 & 38
-
(9,005)
(881,783)
-
-
-
9,005
-
(9,005)
(890,788)
-
(890,788)
boleh tebus
Perbelanjaan terbitan saham
38 - -
(107,315) - - - - - -
(107,315) -
(107,315)
Pengambilalihan sebuah anak
syarikat
22(c) - - - - - - - - - - 35 35
Pelaburan tambahan dalam sebuah
761
761
anak syarikat - - - - - - - - - -
Dividen dibayar:
- bagi tahun kewangan berakhir
31 Disember 2013
16 - - - - - - - -
(200,648)
(200,648) -
(200,648)
Dividen dibayar kepada kepentingan
pihak tidak mengawal dalam
anak-anak syarikat - - - - - - - - - -
(65,447)
(65,447)
- - -
(23,408) -
(13,499) - -
(4,975)
(41,882)
(1)
(41,883)
Jumlah pendapatan komprehensif
bagi tahun kewangan
-
-
-
(23,408)
-
(13,499)
-
-
799,930
763,023
99,104
862,127
1,767,612 9,005 881,783 (60,608)
(2,088,969) 33,526 1,047 33,615 601,541
1,178,552 823,362
2,001,914
2012
Rizab
Saham
pertukaran
Rizab
Modal
keutamaan
Premium
matawang
penyusunan Rizab Rizab
Pendapatan
Kepentingan
saham boleh tebus
saham
asing
semula
tersedia penebusan tersimpan pihak tidak
Jumlah
Kumpulan
Nota
(Nota 36)
(Nota 37)
(Nota 38)
(Nota 39)
(Nota 40) untuk dijual
modal
Lain-lain
(Nota 42)
Jumlah mengawal
ekuiti
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
327
328
3,648,152
3,371,685
1,459
10,052
264,834
7,296,182
611,351
611,351
19
19
611,370
611,370
3,648,152
3,371,685
10,052
348,681
7,378,570
329
Tidak boleh dibahagikan
Boleh
dibahagikan
Saham
Rizab
Modal keutamaan Premium Sumbangan penebusan Pendapatan
saham
boleh tebus saham modal modal
tersimpan
Syarikat
Nota
(Note 36)
(Nota 37)
(Nota 38)
(Nota 41)
(Nota 41)
(Nota 42)
Jumlah
RM000 RM000 RM000 RM000 RM000 RM000 RM000
2012
Pada 1 Januari 2012
1,767,612
9,005
881,783
1,459
1,047
38,647
2,699,553
(141)
(141)
Jumlah pendapatan
komprehensif bagi
tahun kewangan
435,840
435,840
Terbitan saham
36
1,880,540 -
3,479,000 - - -
5,359,540
Penebusan saham
keutamaan boleh
tebus
37 & 38
-
(9,005)
(881,783)
-
9,005
(9,005)
(890,788)
Perbelanjaan terbitan
saham
38 - -
(107,315) - - -
(107,315)
Dividen dibayar:
- bagi tahun
kewangan berakhir
31 Disember 2012
16
-
-
-
-
-
(200,648)
(200,648)
Jumlah urusniaga
dengan pemilik
1,880,540
(9,005)
2,489,902
9,005
(209,653)
4,160,789
3,648,152
3,371,685
1,459
10,052
264,834
7,296,182
330
1,108,298
905,058
611,351
435,981
Pelarasan bagi:
Operasi Berterusan
Cukai
366,659
204,582
(16,990)
4,137
32,612
16,580
-
Zakat
Muhibah negatif yang terhasil daripada gabungan perniagaan
(67,581)
-
-
Keuntungan daripada ukuran semula nilai saksama
(263,280)
-
-
pengambilalihan anak syarikat
Susut nilai hartanah, loji dan peralatan
98,818
88,818
779
189
Rosot nilai hartanah, loji dan peralatan
40,000
32,300
-
Pembalikan rosot nilai hartanah loji dan peralatan
-
(15,497)
-
Hartanah, loji dan peralatan dihapuskira
2,335
697
5
Keuntungan daripada pelupusan hartanah, loji dan peralatan
(5,978)
(1,810)
-
Kerugian daripada pelupusan hartanah, loji dan peralatan
2,032
-
-
Susut nilai hartanah pelaburan
224
463
-
Kerugian rosot nilai hartanah pelaburan
1,622
-
-
Keuntungan daripada pelupusan hartanah pelaburan
(4,508)
-
-
Pelunasan aset tidak ketara
11,064
11,098
1,608
468
Pembalikan rosot nilai aset tidak nyata
-
(23,878)
-
Pelunasan pra-bayaran pajakan
150
70
-
Susut nilai bagi aset biologi dipercepatkan
8,682
8,656
-
Kerugian rosot nilai aset biologi
663
4,316
-
Aset biologi dihapus kira
32,195
13,638
-
Keuntungan daripada aset dipegang untuk jualan
(5,381)
-
-
Kerugian rosot nilai pelaburan dalam sebuah
-
-
12,391
115,356
anak syarikat
Kerugian pelupusan anak-anak syarikat
-
-
-
4,528
Keuntungan pelupusan syarikat bersekutu
(26,673)
-
(343,822)
Kerugian pelupusan syarikat usahasama
-
-
-
36,890
Rosot nilai pinjaman belum terima daripada
syarikat berkaitan
-
26,952
-
Rosot nilai/(pembalikan) belum terima
611
(79)
-
Peruntukan/(pembalikan) bagi inventori diturun nilai
1,012
(536)
-
Bahagian keputusan syarikat-syarikat bersekutu (83,368) (201,079)
-
Bahagian keputusan syarikat-syarikat usahasama 85,596 60,676
-
Kerugian bersih pertukaran matawang asing telah direalisasi
26,683
2,905
-
947
Dividen daripada anak-anak syarikat - -
(273,819)
(529,895)
Dividen daripada syarikat-syarikat bersekutu - -
(76,863)
(196,997)
Perbelanjaan kewangan
103,429
111,280
93,168
93,680
Pendapatan kewangan
(164,172)
(107,273)
(123,797)
(67,475)
Lain-lain kerugian/(keuntungan) bersih (494,261) 204,793
-
Peruntukan manfaat persaraan 563 2,523 (32) 21
Pembayaran berasaskan saham -
25,723 -
25,723
Perbelanjaan kontrak jaminan kewangan
- - -
13,476
Operasi Diberhentikan:
Bahagian keputusan daripada syarikat-syarikat
usahasama
28,753
(32,551)
836,799
1,338,425
(116,021)
(62,971)
331
Kumpulan Syarikat
2013 2012 2013 2012
Nota RM000 RM000 RM000 RM000
Keuntungan/(kerugian) operasi sebelum
perubahan modal kerja dibawa dari hadapan
836,799
1,338,425
(116,021)
(62,971)
(130,075)
25,945
30,607
31,557
151,782
(161,554)
40,092
(349,274)
(132,206)
115,631
-
-
(1,033)
59,145
(12,530)
3,225
(118,328)
25,781
745,303
715,017
52,908
(85,109)
(252,269)
(67,319)
(8,364)
-
-
551,435
(147,016)
(69,224)
(16,145)
(54,690)
-
-
(9,780)
-
(1,824)
-
-
551,435
(50)
(6,217)
820,683
-
(1,578,276)
(43)
(105)
(9,884)
(29)
(1,309)
(3,536,008)
-
-
(283,400)
-
6,116
6,513
6,187
-
-
-
75,033
(29,552)
-
-
(12,719)
-
76,863
(38,984)
-
-
-
195,110
-
(51,218)
-
319,011
158,782
(1,180,417)
314,502
113,190
(1,203,135)
(165,536)
(2,569,602)
(221,709)
332
PENYATA ALIRAN TUNAI
Kumpulan Syarikat
2013 2012 2013 2012
Nota RM000 RM000 RM000 RM000
ALIRAN TUNAI DARIPADA KEGIATAN PEMBIAYAAN
Pengeluaran pinjam daripada pemegang saham penting
Pengeluaran bersih pinjaman belum terima kepada
pemegang saham penting
Pengeluaran pinjaman
Bayaran balik pinjaman
Perolehan bersih daripada penerimaan bank
Pembayaran balik liabiliti LLA
Dividen dibayar kepada pemegang saham
Dividen dibayar kepada kepentingan pihak tidak mengawal
Pembayaran perbelanjaan faedah
Penurunan deposit tetap untuk kemudahan bank
Perolehan daripada terbitan saham, selepas
perbelanjaan terbitan saham
Tunai bersih (digunakan dalam)/dijana
daripada kegiatan pembiayaan
1,067,400
1,067,400
(214,286)
1,097,884
(716,955)
(432,000)
(325,894)
(528,982)
(72,337)
(96,213)
15,369
-
100,000
(475,523)
172,700
(388,103)
(200,648)
(65,447)
(104,176)
305,277
(214,286)
-
-
-
-
(528,982)
-
(88,680)
-
316,679
(320,259)
(200,648)
(93,856)
305,067
4,325,962
4,325,962
(206,014)
3,670,042
235,452
4,332,945
19,716
(4,004)
2,633
5,673,003
1,457,484
4,183,705
154,945
5,028,873
5,673,003
1,902,463
4,183,705
34
Syarikat
(i)
(ii)
Pada 14 November 2013, Syarikat melanggan sebanyak 23,206,521 saham biasa berharga RM1.00 sesaham daripada Felda Global
Ventures Downstream Sdn. Bhd. (FGVD), sebuah anak syarikat milik penuh Syarikat, melalui penukaran jumlah belum terima daripada
FGVD sebanyak RM23,206,521.
Pada 18 Disember 2013, Syarikat melanggan sebanyak 8,874,529 saham biasa berharga RM1.00 sesaham daripada Felda Global Ventures
Plantation Sdn. Bhd. (FGVP), sebuah anak syarikat milik penuh Syarikat, melalui penukaran jumlah belum terima daripada FGVP
sebanyak RM8,874,529.
(b)
Syarikat
(i)
(ii)
Pada 31 Disember 2012, Syarikat melanggan sebanyak 1,142,038,242 RCPS berharga RM0.01 sesaham FGVD, melalui penukaran jumlah
belum terima daripada FGVD sebanyak RM1,142,038,242.
Pada 31 Disember 2012, Syarikat melanggan sebanyak 196,493,801 RCPS berharga RM0.01 sesaham daripada FGVP, melalui penukaran
jumlah belum terima daripada FGVP sebanyak RM196,493,801.
333
MAKLUMAT UMUM
Syarikat secara asas merupakan sebuah syarikat pegangan pelaburan dengan pelaburan utama dalam perladangan kelapa sawit dan pelbagai
kegiatan hiliran yang berkaitan, penapisan gula, perkilangan, logistik dan lain-lain. Kegiatan utama anak-anak syarikat dinyatakan dalam Nota
22 kepada penyata kewangan. Tiada perubahan ketara berlaku dalam kegiatan-kegiatan Kumpulan dan Syarikat sepanjang tahun kewangan
selain daripada yang dinyatakan dalam Nota 56 kepada penyata kewangan.
Syarikat diperbadankan di Malaysia dan disenaraikan di Papan Utama Bursa Malaysia Securities Berhad.
Pejabat berdaftar dan tempat utama perniagaan Syarikat terletak di Aras 42, Menara Felda, Platinum Park, No.11 Persiaran KLCC, 50088 Kuala
Lumpur.
ASAS PENYEDIAAN
Penyata kewangan Kumpulan dan Syarikat telah disediakan menurut Piawaian Laporan Kewangan (FRS) dan keperluan Akta Syarikat 1965
di Malaysia.
Kumpulan meliputi entiti-entiti peralihan dan telah memilih untuk terus mengguna pakai FRS pada tahun kewangan ini. FRS akan terus diguna
pakai oleh Kumpulan pada tahun kewangan akan datang. Kumpulan akan mengguna pakai rangka kerja mematuhi IFRS yang baharu, iaitu
Piawaian Laporan Kewangan Malaysia (MFRS) apabila Rangka Kerja MFRS diberi mandat oleh Lembaga Piawaian Perakaunan Malaysia
(MASB). Bagi melaksanakan rangka kerja baharu ini, Kumpulan akan mengguna pakai MFRS 1 Guna Pakai MFRS Kali Pertama.
Penyata kewangan Kumpulan dan Syarikat telah disediakan di bawah konvensyen kos sejarah, kecuali dinyatakan sebaliknya dalam penyata
dasar individu dalam Nota 3 kepada penyata kewangan.
Penyediaan penyata kewangan yang mematuhi FRS memerlukan penggunaan anggaran dan andaian perakaunan kritikal tertentu. Ia
memerlukan para Pengarah membuat anggaran dan andaian yang memberi kesan kepada jumlah aset dan liabiliti yang dilaporkan dan
pendedahan aset dan liabiliti luar jangka pada tarikh penyata kewangan dan jumlah perolehan dan perbelanjaan yang dilaporkan pada tempoh
laporan. Keputusan sebenar mungkin berbeza daripada semua anggaran tersebut.
Ia juga memerlukan pengurusan supaya melaksanakan pertimbangan dalam proses mengguna pakai dasar-dasar perakaunan Kumpulan dan
Syarikat. Bahagian-bahagian yang melibatkan tahap pertimbangan dan kompleksiti yang lebih tinggi atau bahagian-bahagian di mana andaian
dan anggaran penting kepada penyata kewangan dinyatakan dalam Nota 5.
(i)
Piawaian, pindaan kepada piawaian yang telah diterbitkan dan tafsiran yang diguna pakai oleh Kumpulan dan Syarikat pada 1 Januari 2013:
Penggunaan pakai piawaian, pindaan kepada piawaian yang telah diterbitkan dan tafsiran di atas tidak memberi kesan kewangan yang
ketara kepada Kumpulan dan Syarikat dan tidak menyebabkan perubahan besar kepada dasar-dasar perakaunan Kumpulan, kecuali
piawaian berikut yang memberi kesan kepada Kumpulan dan Syarikat:
Pindaan kepada FRS 101 Pembentangan Item dalam Lain-lain Pendapatan Komprehensif memerlukan entiti mengasingkan itemitem yang dibentangkan dalam Lain-lain Pendapatan Komprehensif (OCI) dalam penyata pendapatan komprehensif kepada dua
kumpulan, berasaskan kepada, sama ada ia boleh dikitar semula atau tidak, kepada keuntungan atau kerugian pada masa depan.
FRS 12 Pendedahan Kepentingan dalam Entiti-entiti Lain membentangkan pendedahan yang diperlukan bagi semua bentuk
kepentingan dalam entiti-entiti lain, termasuk urus janji bersama, syarikat-syarikat bersekutu, entiti-entiti berstruktur dan lainlain instrumen luar kunci kira-kira. Ia memerlukan entiti-entiti mendedahkan maklumat yang membantu para pembaca penyata
kewangan menilai bentuk, risiko dan kesan kewangan berkaitan dengan kepentingan entiti berkenaan dalam anak-anak syarikat,
syarikat-syarikat bersekutu, urus janji bersama dan entiti-entiti berstruktur yang tidak disatukan.
334
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
Piawaian, pindaan kepada piawaian yang telah diterbitkan dan tafsiran yang diguna pakai oleh Kumpulan dan Syarikat pada 1 Januari 2013:
(Samb.)
FRS 13 Ukuran Nilai Saksama bertujuan untuk menambah baik keselarasan dan mengurangkan kompleksiti dengan menyediakan
pentakrifan yang tepat mengenai nilai saksama dan ukuran nilai saksama satu sumber serta keperluan pendedahan untuk digunakan
di seluruh FRS. Keperluan ini tidak meluaskan penggunaan perakaunan nilai saksama, tetapi menyediakan panduan mengenai cara
bagaimana ia diguna pakai di mana kegunaannya telah diperlukan atau dibenarkan oleh piawaian-piawaian lain. Keperluan pendedahan
yang dipertingkatkan adalah serupa dengan keperluan dalam FRS 7 Instrumen Kewangan: Pendedahan, tetapi diguna pakai kepada
semua aset dan liabiliti yang diukur pada nilai saksama, bukan hanya kewangan semata-mata.
Penggunaan pakai piawaian, pindaan kepada piawaian yang telah diterbitkan dan tafsiran ini telah menghasilkan pendedahan tambahan
dalam penyata kewangan.
(ii)
Pindaan kepada piawaian telah diterbitkan yang telah diguna pakai oleh Kumpulan dan Syarikat dan telah diguna pakai lebih awal:
Pada tahun kewangan ini, Kumpulan dan Syarikat telah mengguna pakai lebih awal Pindaan kepada FRS 136 Rosot Nilai Aset (mulai 1
Januari 2014) dan telah mengguna pakai piawaian ini dari tahun kewangan bermula 1 Januari 2013.
Pindaan kepada FRS 136 Rosot Nilai Asetmengeluarkan pendedahan tertentu bagi jumlah boleh diperoleh semula dalam unit-unit
penjanaan tunai (CGU) yang telah dimasukkan ke dalam FRS 136 melalui penerbitan FRS 13.
Kesan mengguna pakai lebih awal adalah tidak ketara kepada Kumpulan dan Syarikat.
(iii) Piawaian, pindaan kepada piawaian yang telah diterbitkan dan tafsiran kepada piawaian sedia ada yang berkaitan dengan Kumpulan dan
Syarikat, tetapi belum berkuatkuasa dan masih belum diguna pakai lebih awal:
Berkuatkuasa mulai tempoh kewangan dari 1 Januari 2014
Pindaan kepada FRS 132 Instrumen Kewangan: Pembentangan (mulai 1 Januari 2014) tidak mengubah model pengimbangan
semasa dalam FRS 132. Ia menjelaskan makna mempunyai hak semasa untuk mengimbangi yang boleh dikuatkuasakan mengikut
undang-undang bahawa hak untuk mengimbangi harus tersedia pada hari ini (bukan bergantung pada peristiwa masa depan) dan boleh
dikuatkuasakan secara undang-undang bagi pihak yang telibat dalam urusan lazim perniagaan. Ia menjelaskan bahawa sesetengah
mekanisma penyelesaian secara kasar dengan ciri-ciri yang bersamaan dengan penyelesaian secara bersih akan memenuhi keperluan
kriteria imbangan FRS 132.
Pindaan kepada FRS 10, FRS 12 dan FRS 127 (mulai 1 Januari 2014) memperkenalkan pengecualian kepada penyatuan entiti-entiti
pelaburan. Entiti-entiti pelaburan adalah entiti di mana tujuan perniagaan adalah untuk melabur dana semata-mata bagi mendapatkan
pulangan daripada peningkatan modal, pendapatan pelaburan atau kedua-duanya dan menilai prestasi pelaburannya mengikut
asas nilai saksama. Pindaan ini memerlukan entiti pelaburan mengukur anak-anak syarikat berkenaan pada nilai saksama, bukan
menyatukannya.
Tafsiran IC 21 Levi (mulai 1 Januari 2014) membentangkan perakaunan bagi obligasi untuk membayar levi yang bukan merupakan
cukai pendapatan. Pentafsiran ini menjelaskan bahawa liabiliti untuk membayar levi diiktiraf apabila peristiwa obligasi berlaku.
Peristiwa obligasi adalah peristiwa yang dikenalpasti oleh perundangan yang mencetuskan pembayaran levi.
Kumpulan dan Syarikat akan mengguna pakai piawaian-piawaian di atas mulai tempoh kewangan bermula pada 1 Januari 2014.
Berkuatkuasa bagi tempoh tahunan mulai pada atau selepas 1 Julai 2014 di mana penggunaan lebih awal dibenarkan
Pindaan kepada FRS 2 Bayaran Berasaskan Saham (berkuatkuasa pada atau selepas 1 Julai 2014) menjelaskan takrif syarat
peletakan hak dengan mentakrif secara berasingan syarat prestasi dan syarat perkhidmatan bagi memastikan keselarasan syaratsyarat klasifikasi yang mengiringi bayaran berasaskan saham.
Pindaan kepada FRS 3 Gabungan Perniagaan (berkuatkuasa pada atau selepas 1 Julai 2014) menjelaskan bahawa apabila
pertimbangan luar jangka memenuhi takrif instrumen kewangan, klasifikasi instrumen sebagai sebuah liabiliti atau ekuiti ditentukan
melalui rujukan kepada FRS 132 Instrumen Kewangan: Pembentangan.
Ia juga menjelaskan bahawa pertimbangan luar jangka yang diklasifikasi sebagai sebuah aset atau liabiliti akan selepas ini diukur pada
nilai saksama pada setiap tarikh laporan dan perubahan nilai saksama akan diiktiraf dalam keuntungan atau kerugian.
335
Berkuatkuasa bagi tempoh tahunan mulai pada atau selepas 1 Julai 2014 di mana penggunaan lebih awal dibenarkan (Samb.)
Pindaan kepada FRS 8 Segmen Operasi (berkuatkuasa pada atau selepas 1 Julai 2014) memerlukan pendedahan bagi pertimbangan
dibuat dalam penggunaan kriteria agregat kepada segmen operasi. Ini meliputi penerangan ringkas mengenai segmen operasi yang
telah diagregat dan petunjuk ekonomi yang telah dinilai bagi menentukan bahawa segmen operasi yang diagregat berkongsi ciri-ciri
ekonomi yang sama.
Ia juga menjelaskan bahawa penyesuaian jumlah aset segmen yang dilaporkan kepada aset entiti berkenaan diperlukan jika jumlah
tersebut disediakan secara kerap kepada ketua pembuat keputusan operasi.
Pindaan kepada FRS 13 Ukuran Nilai Saksama (berkuatkuasa pada atau selepas 1 Julai 2014) berkaitan dengan Asas bagi Kesimpulan
IASB yang bukan merupakan sebahagian daripada Piawaian tersebut. Asas bagi Kesimpulan tersebut menjelaskan bahawa apabila
IASB menerbitkan IFRS 13, ia tidak menghapuskan keupayaan praktikal untuk mengukur belum terima dan perlu bayar jangka pendek
yang tidak dinyatakan kadar faedah pada jumlah invois tanpa pendiskaunan, jika kesan pendiskaunan tidak material.
Pindaan kepada FRS 116 Hartanah, Loji dan Peralatan (berkuatkuasa pada atau selepas 1 Julai 2014) menjelaskan perakaunan bagi
susut nilai terkumpul apabila sesebuah aset dinilai semula. Ia menjelaskan bahawa nilai bawaan kasar dilaraskan dengan cara yang
selaras dengan penilaian semula nilai bawaan aset tersebut dan susut nilai terkumpul dikira sebagai perbezaan antara nilai bawaan
kasar dan nilai bawaan aset tersebut selepas mengambil kira kerugian rosot nilai terkumpul.
Pindaan kepada FRS 138 Aset Tidak Nyata (berkuatkuasa pada atau selepas 1 Julai 2014) menjelaskan perakaunan bagi pelunasan
terkumpul apabila sesebuah aset dinilai semula. Ia menjelaskan bahawa nilai bawaan kasar dilaraskan dengan cara yang selaras
dengan penilaian semula nilai bawaan aset tersebut dan pelunasan terkumpul dikira sebagai perbezaan antara nilai bawaan kasar dan
nilai bawaan aset tersebut selepas mengambil kira kerugian rosot nilai terkumpul.
Pindaan kepada FRS 124 Pendedahan Pihak Berkaitan (berkuatkuasa pada atau selepas 1 Julai 2014) melanjutkan takrif pihak
berkaitan bagi memasukkan sebuah entiti, atau sebarang ahli sesebuah kumpulan di mana ia merupakan sebahagian daripadanya,
yang menyediakan perkhidmatan kakitangan pengurusan utama kepada entiti dilapor atau kepada syarikat induk entiti dilapor.
Kumpulan dan Syarikat akan mengguna pakai piawaian-piawaian di atas mulai tempoh kewangan bermula pada 1 Julai 2014.
Tarikh berkuatkuasa masih belum ditentukan oleh Lembaga Piawaian Perakaunan Malaysia
FRS 9 Instrumen Kewangan: Klasifikasi dan Ukuran Aset Kewangan dan Liabiliti Kewangan (tarikh berkuatkuasa masih belum
ditentukan oleh Lembaga Piawaian Perakaunan Malaysia) menggantikan bahagian FRS 139 yang berkaitan dengan klasifikasi dan
ukuran instrumen kewangan. FRS 9 memerlukan aset kewangan diklasifikasi kepada dua kategori ukuran: aset yang diukur pada
nilai saksama dan yang diukur pada kos dilunaskan. Penentuan dibuat pada pengiktirafan permulaan. Klasifikasi bergantung kepada
model perniagaan entiti yang mengurus instrumen kewangan dan ciri-ciri aliran tunai kontrak aset-aset kewangan tersebut. Bagi
liabiliti kewangan, piawaian mengekalkan kebanyakan keperluan FRS 139. Perubahan utama ialah dalam hal di mana opsyen nilai
saksama diambil bagi liabiliti kewangan, bahagian perubahan nilai saksama akibat risiko kredit sesebuah entiti dicatatkan dalam lainlain pendapatan komprehensif dan bukan penyata pendapatan, kecuali ia menimbulkan ketidakpadanan perakaunan. Kumpulan masih
belum menilai kesan FRS 9 sepeuhnya. Kumpulan juga akan menimbangkan kesan fasa FRS 9 selebihnya selepas diselesaikan oleh
Lembaga Piawaian.
Kumpulan dan Syarikat akan mengguna pakai piawaian ini selepas ia ditentukan oleh Lembaga Piawaian Perakaunan Malaysia.
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(b)
Perubahan dalam kepentingan pemilikan dalam anak-anak syarikat tanpa perubahan kawalan
Urusniaga dengan kepentingan pihak tidak mengawal yang tidak menyebabkan kehilangan kawalan diambilkira sebagai urusniaga ekuiti
iaitu, sebagai urusniaga dengan pemilik dalam kapasiti mereka sebagai pemilik. Perbezaan di antara nilai saksama sebarang pertimbangan
yang dibayar dan bahagian saham yang diambilalih pada nilai bawaan aset bersih anak-anak syarikat yang diambilalih direkodkan dalam
ekuiti. Keuntungan atau kerugian daripada penjualan kepada pihak tidak mengawal turut direkodkan dalam ekuiti.
(c)
(d) Muhibah
Muhibah mewakili lebihan kos pengambialihan anak-anak syarikat, syarikat-syarikat bersekutu dan syarikat-syarikat usahasama ke atas
bahagian Kumpulan dalam nilai saksama aset bersih yang dikenal pasti, termasuk liabiliti luar jangka pada tarikh pengambilalihan. Muhibah
daripada pengambilalihan bagi sesebuah anak syarikat-syarikat dimasukkan ke dalam penyata kedudukan kewangan disatukan sebagai
aset tidak nyata, atau jika terhasil bagi syarikat-syarikat bersekutu atau syarikat usahasama, ia dimasukkan ke dalam pelaburan dalam
syarikat-syarikat bersekutu atau syarikat-syarikat usahasama. Muhibah negatif mewakili jumlah pertimbangan dipindah, kepentingan
piihak tidak mengawal diiktiraf dan kepentingan dimiliki sebelumnya diukur kurang berbanding nilai saksama aset bersih anak syarikat yang
diambilalih; dalam kes belian murah, perbezaannya diiktiraf secara langsung dalam keuntungan atau kerugian.
Bagi tujuan menguji rosot nilai, muhibah yang diambilalih dalam sesebuah gabungan perniagaan diagihkan kepada setiap unit penjanaan
tunai (CGU) atau kumpulan CGU, yang dijangka akan mendapat manfaat daripada sinergi gabungan tersebut. Setiap unit atau kumpulan
unit di mana muhibah tersebut diperuntukkan mewakili tahap paling rendah dalam entiti di mana muhibah tersebut dipantau bagi tujuan
pengurusan dalaman.
Semakan rosot nilai muhibah dilaksanakan setiap tahun atau lebih kerap jika peristiwa atau perubahan keadaan menunjukkan wujudnya
potensi rosot nilai. Nilai bawaan muhibah dibandingkan dengan jumlah boleh diperoleh semula, di mana nilai yang lebih tinggi antara nilai
digunakan dan nilai saksama, ditolak kos menjual. Sebarang rosot nilai diiktiraf sebagai perbelanjaan serta merta dan seterusnya tidak akan
dibalikkan.
(e)
Syarikat-syarikat bersekutu
Syarikat-syarikat bersekutu adalah syarikat, perkongsian atau entiti-entiti lain di mana Kumpulan mempunyai pengaruh penting, tetapi ia
tidak mengawal, secara umumnya disertai dengan pegangan saham antara 20% hingga 50% hak mengundi. Pelaburan dalam syarikatsyarikat bersekutu diambilkira menggunakan kaedah perakaunan ekuiti. Di bawah kaedah ekuiti, pelaburan dipermulaan diiktiraf pada kos,
dan nilai bawaan ditambah atau dikurangkan untuk mengiktiraf bahagian pelabur tersebut dalam keuntungan atau kerugian syarikat yang
dilabur selepas tarikh pengambilalihan. Pelaburan Kumpulan dalam syarikat-syarikat bersekutu termasuk muhibah dikenal pasti semasa
pengambilalihan.
Jika kepentingan pemilikan dalam sesebuah syarikat bersekutu dikurangkan, tetapi pengaruh penting dikekalkan, hanya nisbah bahagian
jumlah yang diiktiraf sebelumnya dalam pendapatan komprehensif dikelaskan semula kepada keuntungan atau kerugian apabila wajar.
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(f)
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(f)
(g)
Aset kewangan
Klasifikasi
Kumpulan mengklasifikasikan aset-aset kewangannya dalam kategori berikut: pada nilai saksama melalui keuntungan atau kerugian,
pinjaman dan belum terima dan aset kewangan tersedia untuk dijual. Klasifikasi ini bergantung kepada tujuan di mana aset kewangan
tersebut diambilalih. Pengurusan menentukan klasifikasi aset-aset kewangannya pada peringkat permulaan pengiktirafan.
(i)
Aset kewangan pada nilai saksama melalui keuntungan atau kerugian dipegang untuk dagangan. Aset kewangan diklasifikasikan
dalam kategori ini jika ia diambilalih atau ditanggung secara umum bagi tujuan untuk menjual atau membelinya semula dalam
jangka masa terdekat. Derivatif dikategorikan sebagai dipegang untuk dagangan kecuali ia ditetapkan sebagai instrumen lindung
nilai. Aset dalam kategori ini diklasifikasikan sebagai aset semasa jika dijelaskan dalam tempoh 12 bulan; atau, sebaliknya
diklasifikasikan sebagai bukan semasa.
Derivatif pada peringkat permulaan diikitiraf pada nilai saksama pada tarikh kontrak derivatif dimeterai dan selepas itu diukur
semula pada nilai saksama. Kaedah mengiktiraf keuntungan atau kerugian daripadanya bergantung kepada sama ada derivatif
tersebut bertujuan untuk menjadi instrumen lindung nilai dan jika demikian, bentuk perkara yang dilindung nilai. Kumpulan tidak
menggunakan perakaunan lindung nilai pada tahun kewangan ini.
(ii)
Pinjaman dan belum terima adalah aset-aset kewangan bukan derivatif dengan pembayaran tetap atau boleh dipastikan yang tidak
disebut dalam sesebuah pasaran aktif. Ia termasuk dalam aset semasa, kecuali bagi tempoh matang lebih daripada 12 bulan selepas
akhir tempoh laporan. Ia diklasifikasikan sebagai aset bukan semasa. Pinjaman dan belum terima Kumpulan dinyatakan dalam Nota
52.
Aset kewangan tersedia untuk dijual adalah bukan derivatif yang sama ada dimasukkan ke dalam kategori ini atau tidak
diklasifikasikan dalam sebarang kategori lain. Ia dimasukkan ke dalam aset bukan semasa kecuali jika pelaburan mencapai tempoh
matang atau para Pengarah bercadang untuk menjualnya dalam tempoh 12 bulan selepas akhir tempoh laporan.
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(h)
Kesukaran kewangan yang ketara dihadapi oleh penerbit atau penanggung obligasi;
Perlanggaran kontrak seperti keingkaran atau ketidak patuhan dalam pembayaran pokok atau faedah;
Kumpulan atas sebab ekonomi atau perundangan berkaitan dengan kesukaran kewangan yang dihadapi oleh peminjam, memberi
konsesi kepada peminjam tersebut, yang tidak pertimbangkan oleh pemberi pinjaman;
Ia berkemungkinan akan menyebabkan peminjam muflis atau menjalani penyusunan semula kewangan lain;
Kelenyapan sebuah pasaran aktif bagi aset kewangan tersebut akibat kesukaran kewangan yang dihadapi; atau
Data yang boleh diperhatikan menunjukkan bahawa terdapat pengurangan boleh diukur dalam anggaran aliran tunai masa daripada
sebuah portfolio aset kewangan sejak pengiktirafan awal aset-aset tersebut, walaupun pengurangan tersebut tidak boleh dikenal
pasti dengan aset kewangan individual tersebut, termasuk:
(i)
(ii)
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(i)
Liabiliti kewangan
Liabiliti kewangan diiktiraf pada penyata kedudukan kewangan hanya apabila, Kumpulan menjadi satu pihak kepada peruntukan kontrak
dalam instrumen kewangan.
Liabiliti kewangan diiktiraf pada mulanya pada nilai saksama, dan dalam kes liabiliti kewangan selain daripada derivatif, ia diagihkan
kepada kos urusniaga langsung.
Selepas pengiktirafan awal , semua liabiliti kewangan diukur pada kos dilunaskan menggunakan kaedah biaya efektif kecuali liabiliti LLA dan
derivatif dalam kedudukan kerugian yang diukur pada nilai saksama melalui keuntungan dan kerugian.
Bagi liabiliti kewangan selain daripada liabiliti LLA dan derivatif, keuntungan dan kerugian diiktiraf dalam keuntungan atau kerugian
apabila liabiliti tersebut ditarik balik pengiktirafannya dan melalui proses pelunasan.
Keuntungan atau kerugian timbul daripada perubahan dalam nilai saksama liabiliti LLA dan derivatif diiktiraf dalam keuntungan atau
kerugian dalam keuntungan/kerugian lain, bersih. Keuntungan atau kerugian bersih daripada derivatif adalah termasuk perbezaan
tukaran matawang asing.
Pinjaman dikelaskan sebagai liabiliti semasa kecuali Kumpulan mempunyai hak tanpa syarat untuk menunda penjelasan liabiliti
berkenaan bagi sekurang-kurangnya 12 bulan selepas tarikh kedudukan penyata kewangan.
Kos pinjaman dibahagikan secara langsung kepada pengambilalihan, pembinaan atau pengeluaran aset yang layak, iaitu aset yang
memerlukan tempoh masa yang lama untuk disediakan bagi tujuan penggunaannya atau untuk dijual, dimasukkan ke dalam kos aset
tersebut, sehingga sampai masa aset tersebut tersedia untuk digunakan atau untuk dijual.
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(j)
Nilai sisa dan jangka hayat berguna aset berkenaan disemak semula dan dilaras jika wajar pada setiap tarikh penyata kedudukan
kewangan.
Susut nilai terhadap hartanah, loji dan peralatan tamat sama ada semasa penarikan semula pengiktirafan dan klasifikasi kepada dipegang
untuk dijual antara dua yang awal. Susut nilai terhadap aset di bawah pembinaan bermula apabila aset tersebut telah tersedia untuk
matlamat penggunaannya.
Keuntungan dan kerugian daripada penjualan ditentukan dengan membandingkan kutipan dengan nilai bawaan aset dan dalam
pendapatan operasi lain dalam keuntungan atau kerugian.
Pada setiap tarikh kedudukan penyata kewangan, Kumpulan menaksir sama ada wujud sebarang petunjuk rosot nilai. Jika petunjuk
sedemikian wujud, nilai bawaan sesebuah aset diturunkan nilai dengan serta merta ke jumlah yang boleh diperolehi semula jika nilai
bawaan aset berkenaan lebih besar berbanding dengan anggaran jumlah boleh diperolehi semulanya. Lihat dasar-dasar perakaunan
penting Nota 3(o) mengenai rosot nilai aset bukan kewangan.
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Pelaburan Hartanah
Pelaburan hartanah dipegang untuk pulangan sewa jangka panjang atau peningkatan modal atau kedua-duanya dan tidak digunakan oleh
Kumpulan. Pelaburan hartanah diukur pada permulaan pada kos, termasuk kos urusniaga berkaitan dan kos pinjaman. Jika hartanah
pelaburan tersebut memenuhi pentakrifan aset yang layak.
Selepas pengiktirafan permulaan, pelaburan hartanah dinyatakan pada kos dan menolak sebarang susut nilai terkumpul dan kerugian
rosot nilai. Tanah milikan bebas tidak disusut nilai kerana ia mempunyai hayat yang tidak terhad. Semua pelaburan hartanah disusut nilai
pada kaedah garis lurus untuk menghapus kira kos setiap aset kepada nilai sisanya sepanjang anggaran hayat bergunanya seperti berikut:
Hartanah pelaburan
90
30 hingga 50
Perbelanjaan selanjutnya dipermodalkan kepada nilai bawaan aset apabila terdapat kemungkinan manfaat ekonomi masa hadapan
yang berkaitan dengan perbelanjaannya akan mengalir kepada Kumpulan dan kos perkara tersebut boleh diukur dengan pasti. Semua
kos pembaikan dan penyenggaraan diiktiraf sebagai belanja apabila ianya ditanggung. Apabila bahagian hartanah pelaburan digantikan,
jumlah bawa bahagian yang digantikan tidak lagi diiktiraf.
Pelaburan hartanah tidak diiktiraf apabila sama ada ia dilupuskan atau apabila hartanah pelaburan dikeluarkan secara kekal daripada
kegunaan dan tiada manfaat ekonomi dijangka daripada pelupusannya. Keuntungan dan kerugian daripada pelupusan ditentukan dengan
membandingkan kutipan pelupusan bersih dengan nilai bawaan dan dimasukkan ke dalam lain-lain pendapatan operasi di keuntungan
atau kerugian.
Pada setiap tarikh penyata kedudukan kewangan, Kumpulan menilai sama ada terdapat sebarang petunjuk rosot nilai. Jika ada petunjuk
sedemikian, nilai bawaan sesuatu aset diturunkan dengan serta-merta kepada jumlah boleh diperoleh semula jika jumlah bawa aset
tersebut adalah lebih tinggi daripada jumlah anggaran boleh diperoleh semula. Sila lihat dasar-dasar perakaunan penting di Nota 3(o)
mengenai rosot nilai aset bukan kewangan.
(l)
20 tahun
9 tahun
18 tahun
9 tahun
5 tahun
3 - 5 tahun
Pelunasan aset tidak ketara di bawah pembangunan bermula apabila aset berkenaan sedia untuk kegunaan yang dikehendaki.
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Jenama adalah berkaitan dengan jenama gula Prai yang diperolehi sebagai sebahagian daripada pengambilalihan perniagaan gula.
(ii)
Teknologi lengkap adalah berkaitan dengan lesen bagi sebuah anak syarikat untuk menggunakan teknologi tertentu yang melibatkan
pengeluaran lelemak haiwan.
(iii) Perjanjian pajakan adalah berkaitan dengan perjanjian pajakan bagi sebuah anak syarikat untuk memajak beberapa aset kepada
pelanggan, yang diperoleh sebagai sebahagian daripada gabungan perniagaan. Twin Rivers Technologies Holdings, Inc. (TRTH),
adalah pemberi pajak bagi sebahagian daripada kemudahan kepada penyewa di bawah pajakan operasi yang tidak boleh batalkan.
Hartanah ini meliputi tangki minyak semulajadi dan sistem saluran paip minyak.
(iv)
Hubungan pelanggan adalah berkaitan dengan kontrak untuk sebuah anak syarikat menjual produknya kepada beberapa pelanggan.
(v)
Nama dagangan adalah berkaitan dengan nama dagangan Twin Rivers Technologies yang diperoleh sebagai sebahagian daripada
pengambilalihan operasi perniagaan asid lelemak di Amerika Syarikat.
(vi) Perisian berkaitan dengan teknologi maklumat (IT) yang digunakan dalam Kumpulan.
(vii) Aset tidak nyata di dalam pembangunan berkaitan dengan sistem IT dalam pembangunan dan hak penggunaan tanah bagi ladang
kelapa sawit di Kalimantan, Indonesia, yang masih tertakluk kepada kelulusan berkaitan daripada pihak berkuasa.
(m) Aset biologi
Ladang kelapa sawit dan getah
Aset biologi adalah kos pembangunan penanaman baharu yang diambil kira di bawah kaedah penyelenggaraan modal. Di bawah kaedah
ini, kos pembangunan penanaman yang ditanggung (contohnya pembersihan tanah dan penjagaan pokok) sehingga ke tempoh matang
dari sifar (0) hingga tiga (3) tahun bagi kelapa sawit dan sifar (0) hingga tujuh (7) tahun bagi getah dipermodalkan dan tidak dilunaskan,
ditunjukkan sebagai aset bukan semasa ditolak kerugian rosot nilai terkumpul.
Aset biologi akan tertakluk kepada susut nilai yang dipercepatkan jika kewujudan kawasan tanaman telah di kenal pasti oleh para Pengarah
untuk penanaman semula dengan tanaman yang berbeza, selepas menurunkan nilai bawaan kepada jumlah yang boleh diperolehi semula.
Perbelanjaan penanaman semula dicaj kepada keuntungan atau kerugian pada tahun ia ditanggung.
Apabila kawasan tanaman ditanam semula dengan tanaman yang berbeza, nilai bawaan aset biologi sedia ada dibelanjakan dalam
keuntungan atau kerugian, dan kos pembangunan penanaman berhubung tanaman baharu itu dipermodalkan.
Bagi aset biologi yang diserahkan kepada FELDA menurut peruntukan LLA, nilai bawaan kos pembangunan penanaman tidak lagi diiktiraf
dalam keuntungan atau kerugian, pada yang mana lebih awal antara tempoh notis kontrak atau tarikh diiambil alih oleh FELDA.
Tapak semaian
Kos tapak semaian meliputi kos biji benih kelapa sawit dan getah dan kos pembangunan berkaitan yang ditanggung (contohnya pembajaan
dan merumput) dalam menyediakan tapak semaian. Kos tapak semaian berkaitan dengan penanaman baharu dipindahkan kepada ladang
kelapa sawit dan getah apabila mencapai tahap kematangan tertentu, iaitu antara sepuluh (10) hingga dua belas (12) bulan bagi kelapa
sawit dan lima (5) hingga enam (6) bulan bagi getah, sementara jenis lain (dijual semula atau ditanam semula) dicaj kepada keuntungan
atau kerugian.
Jika ada petunjuk rosot nilai, jumlah bawa aset biologi ditaksir dan diturunkan nilainya kepada jumlah yang boleh diperoleh semula dengan
segera. Lihat dasar-dasar perakaunan penting Nota 3(o) mengenai rosot nilai aset bukan kewangan.
345
Lembu dipelihara untuk tujuan meragut rumput, yang mana tidak ada pengurusan ke atas transformasi aset biologi tersebut.
Lembu yang dibeli pada mulanya direkodkan pada nilai kos. Lembu dinyatakan pada kos tolak kerugian susut nilai dan rosot nilai
terkumpul. Kos bagi perkara berkaitan lembu pada mulanya diiktiraf meliputi harga pembeliannya dan sebarang kos yang berkaitan
secara langsung untuk membawa lembu tersebut ke lokasi dan keadaan yang perlu untuk membolehkannya beroperasi seperti yang
dikehendaki oleh pihak pengurusan. Kos turut meliputi kos pinjaman yang berkaitan secara langsung dengan pengambilalihan atau
pengeluaran aset yang layak.
Anak lembu baru lahir dinyatakan pada kos standard berasaskan kepada nilai pasaran lembu berusia di bawah 3 bulan pada tarikh
penilaian. Lembu disusut nilai mengikut asas garis lurus untuk menghapus kira kos sepanjang jangkaan hayat bergunanya selama
5 tahun.
(ii) Anjing
Anjing dibiak dan dilatih untuk tujuan kawalan keselamatan. Semua kos langsung bagi anjing dikumpul sehingga ia matang. Selepas
itu, kos yang telah dipermodalkan dilunaskan mengikut asas garis lurus sepanjang jangkaan tempoh hayat produktif bergunanya.
Tempoh kematangan anggaran bagi anjing adalah 2 tahun, dengan menyelesaikan semua latihan yang diperlukan dan menggunakan
8 tahun sebagai tempoh pelunasan.
Jika ada petunjuk rosot nilai, jumlah bawa aset biologi ditaksir dan diturunkan nilainya kepada jumlah yang boleh diperoleh semula
dengan segera. Lihat dasar-dasar perakaunan penting Nota 3(o) mengenai rosot nilai aset bukan kewangan.
Tebu
Tebu meliputi kos pembangunan penanaman baharu yang diambil kira di bawah kaedah penyelenggaraan modal. Di bawah kaedah
ini, kos pembangunan tanaman baharu yang ditanggung (contohnya pembersihan tanah, penanaman dan penjagaan pokok) sehingga
kematangannya dipermodalkan dan tidak dilunaskan dan ditunjukkan sebagai kos sejarah tolak kerugian rosot nilai terkumpul.
Walau bagaimanapun, kos yang dipermodalkan akan dilunaskan kepada penyata pendapatan komprehensif mengikut asas garis lurus
atas baki tempoh pajakan jika tebu ditanam di atas tanah pegangan pajakan dan baki tempoh pajakan adalah lebih pendek daripada hayat
ekonomi berguna tebu tersebut.
Jika ada petunjuk rosot nilai, nilai bawaan aset biologi ditaksir dan diturunkan nilainya dengan segera kepada jumlah yang boleh diperoleh
semula. Lihat dasar-dasar perakaunan penting Nota 3(o) mengenai rosot nilai aset bukan kewangan.
(n) Inventori
Inventori yang meliputi komoditi berdasarkan produk dan derivatif yang berkaitan dengannya dinyatakan pada yang lebih rendah antara
kos dan nilai bersih boleh di realisasi. Kos ditentukan mengikut asas purata berwajaran dan masuk dahulu keluar dahulu.
Kos bahan mentah meliputi kos langsung pembelian. Kos barangan siap dan kerja dalam pelaksanaan meliputi kos bahan mentah, buruh
langsung, kos langsung lain dan bahagian overhed perkilangan yang sesuai berdasarkan kapasiti operasi biasa. Ia tidak termasuk kos pinjaman.
Nilai boleh direalisasi bersih adalah anggaran harga jualan dalam perjalanan biasa perniagaan, ditolak kos penyiapan dan perbelanjaan jualan.
(o)
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(r)
Matawang asing
Matawang fungsi dan pembentangan
Perkara yang diliputi dalam penyata kewangan bagi setiap entiti Kumpulan diukur menggunakan matawang persekitaran ekonomi
utama di mana entiti beroperasi (matawang fungsian). Penyata kewangan dibentangkan dalam Ringgit Malaysia (RM) yang merupakan
matawang fungsian dan pembentangan Syarikat dan matawang pembentangan Kumpulan.
Urus niaga dan baki
Urus niaga matawang asing diterjemahkan kepada matawang fungsi menggunakan kadar pertukaran yang berkuatkuasa pada tarikh urus
niaga atau penilaian di mana perkara diukur semula. Keuntungan dan kerugian pertukaran asing yang terhasil daripada penjelasan urus
niaga sedemikian dan daripada urus niaga pada kadar pertukaran akhir tahun aset dan liabiliti kewangan denominasi dalam matawang
asing diiktiraf dalam keuntungan atau kerugian, kecuali apabila tertunda dalam ekuiti sebagai pelindung nilai aliran tunai berkelayakan
dan pelindung nilai pelaburan bersih berkelayakan.
Keuntungan dan kerugian tukaran asing yang berkaitan dengan pinjaman dan tunai dan bersamaan tunai dibentangkan dalam keuntungan
atau kerugian.
Perubahan dalam nilai saksama sekuriti kewangan dalam matawang asing dikelaskan sebagai tersedia untuk dijual dianalisis antara
perbezaan pertukaran yang terhasil daripada perubahan dalam kos sekuriti yang dilunaskan dan perubahan lain dalam nilai bawaan
sekuriti berkenaan. Perbezaan pertukaran berkaitan dengan perubahan dalam kos dilunaskan diiktiraf dalam keuntungan atau kerugian
dan perubahan lain dalam jumlah bawa diiktiraf dalam ekuiti.
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(r)
Pelarasan muhibah dan nilai saksama yang timbul daripada pengambilalihan entiti asing dianggap sebagai aset dan liabiliti entiti asing dan
ditukar pada kadar penutup. Perbezaan pertukaran yang timbul diiktiraf dalam pendapatan komprehensif lain.
Semasa penyatuan, perbezaan pertukaran yang timbul daripada pertukaran pelaburan bersih dalam entiti asing dan pendahuluan jangka
panjang dibawa kepada rizab pertukaran asing, dalam ekuiti. Apabila operasi asing dijual, perbezaan pertukaran tersebut diiktiraf dalam
keuntungan atau kerugian sebagai sebahagian daripada keuntungan atau kerugian pelupusan.
(s)
Geran-geran kerajaan
Geran-geran daripada kerajaan diiktiraf pada nilai saksama di mana terdapat jaminan munasabah bahawa geran tersebut akan diterima
dan Kumpulan akan mematuhi semua syarat-syarat berkaitan.
Geran-geran kerajaan berkaitan dengan kos diiktiraf dalam untung atau rugi sepanjang tempoh supaya berpadanan dengan kos berkaitan
di mana geran tersebut ingin diberi pampasan.
Geran-geran kerajaan berkaitan dengan pembelian aset dibentangkan sebagai pengurangan nilai bawa aset berkaitan. Geran-geran
kerajaan diiktiraf dalam untung rugi bagi tempoh hayat hartanah, loji dan peralatan berkaitan sebagai perbelanjaan susut nilai yang
dikurangkan.
(t)
Pengiktirafan perolehan
Perolehan meliputi nilai saksama pertimbangan yang diterima atau akan diterima daripada jualan barangan dan perkhidmatan dalam
urusan lazim kegiatan Kumpulan. Perolehan dibentangkan selepas ditolak cukai barangan dan perkhidmatan, pulangan, rebat dan
diskaun dan selepas menghapuskan jualan di dalam Kumpulan.
Hasil diiktiraf apabila terdapat kemungkinan bahawa manfaat ekonomi yang berkaitan dengan urus niaga akan mengalir kepada Kumpulan
dan jumlah hasil boleh diukur dengan pasti.
Kriteria pengiktirafan khusus berikut juga perlu dipenuhi sebelum hasil diiktiraf:
(i)
Hasil daripada jualan buah tandan segar (BTS), minyak sawit mentah (MSM), biodiesel, isirung sawit (IS) dan getah beku.
Hasil biasanya diiktiraf semasa penghantaran barangan, apabila sebahagian besar risiko dan ganjaran daripada pemilikian barangan
dipindahkan kepada pembeli.
(ii)
Hasil daripada pengeluaran dan pengedaran asid lelemak, minyak sayuran, makanan protin, gula halus dan gula merah.
Hasil biasanya diiktiraf semasa penghantaran barangan, apabila risiko dan ganjaran pemilikan barangan dipindahkan kepada
pembeli.
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(t)
Subsidi yang diterima daripada Kerajaan Malaysia bagi produk-produk tertentu yang dijual adalah berkaitan dengan perbezaan di
antara anggaran harga pasaran dan harga kawalan yang ditetapkan oleh kerajaan untuk jualan produk tersebut di pasaran domestik
terhad kepada jumlah yang dipersetujui oleh Kerajaan secara tahunan. Subsidi ini dikreditkan kepada keuntungan atau kerugian dan
diiktiraf sebagai sebahagian daripada perolehan dalam tempoh perakaunan di mana jualan barangan tersebut diiktiraf.
Perolehan daripada penyediaan perkhidmatan termasuk yuran pengurusan dan urus janji pengetolan, diiktiraf apabila perkhidmatan
berkaitan dijalankan, dengan merujuk kepada penyiapan perkhidmatan tertentu.
(v)
Pendapatan keuntungan
Pendapatan keuntungan diiktiraf menggunakan kaedah keuntungan efektif. Apabila pinjaman atau bayaran belum terima merosot,
Kumpulan mengurangkan nilai bawaan kepada jumlah boleh dikutip semula, yang merupakan anggaran aliran tunai masa hadapan
yang didiskaunkan pada kadar keuntungan efektif instrumen berkenaan dan terus mengurangkan diskaun tersebut sebagai
pendapatan keuntungan. Pendapatan keuntungan ke atas pinjaman merosot dan bayaran belum terima diiktiraf menggunakan
kadar keuntungan elektif asal.
Pendapatan sewa berkaitan dengan penyewaan hartanah dan loji diiktiraf bagi tempoh penyewaan atau penggunaan, mengikut
kesesuaian.
Pendapatan dividen diiktiraf apabila hak untuk menerima wujud. Ini diguna pakai apabila ia dibayar daripada keuntungan prapengambilalihan. Walau bagaimanapun, pelaburan mungkin perlu diuji bagi kemerosotan nilai.
Pampasan belum terima adalah anggaran berasaskan kepada kawasan yang dituntut oleh FELDA, diiktiraf pada yang mana lebih
awal di antara tempoh notis kontrak atau tarikh pengambilalihan oleh FELDA.
Pengagihan dividen
Dividen pada saham biasa diiktiraf sebagai liabiliti apabila dicadangkan atau diisytiharkan sebelum tarikh penyata kedudukan kewangan.
Dividen yang dicadangkan atau diisytiharkan selepas tarikh penyata kedudukan kewangan, tetapi sebelum penyata kewangan di
tandatangani untuk dikeluarkan, tidak diiktiraf sebagai liabiliti pada tarikh penyata kedudukan kewangan.
(v)
(w) Pajakan
(i) Klasifikasi
Pajakan diiktiraf sebagai pajakan kewangan jika ia memindahkan sebahagian besar kepada Kumpulan semua risiko dan ganjaran
yang berkaitan dengan pemilikan. Pajakan tanah dan bangunan diklasifikasikan sebagai pajakan operasi dan pajakan kewangan
sama seperti pajakan aset lain dan elemen tanah dan bangunan pajakan dianggap berasingan bagi tujuan klasifikasi pajakan. Semua
pajakan yang tidak dipindahkan kesemua risiko dan ganjaran diklasifikasikan sebagai pajakan operasi.
349
Bayaran pajakan operasi diiktiraf sebagai perbelanjaan mengikut asas garis lurus sepanjang tempoh pajakan berkaitan. Manfaat
agregat insentif yang disediakan oleh pemberi pajakan diiktiraf sebagai pengurangan perbelanjaan sewa sepanjang tempoh pajakan
mengikut asas garis lurus.
Apabila pajakan operasi ditamatkan sebelum tempoh pajakan berakhir, sebarang bayaran yang perlu dibuat kepada pemberi pajakan
melalui penalti diiktiraf sebagai perbelanjaan pada tempoh penamatan tersebut berlaku.
Kos langsung permulaan yang ditanggung oleh Syarikat dalam merunding dan mengatur pajakan operasi diiktiraf dalam keuntungan
dan kerugian apabila berlaku.
Bayaran bagi hak untuk menggunakan tanah dan bangunan sepanjang tempoh yang telah ditetapkan dikelaskan sebagai pra bayaran
bagi bayaran pajakan dan dinyatakan pada kos tolak pelunasan terkumpul dan kerugian rosot nilai terkumpul. Pra bayaran kepada
bayaran pajakan dilunaskan mengikut garis lurus sepanjang tempoh 49 tahun.
Aset yang dipajakkan di bawah pajakan operasi dibentangkan dalam penyata kedudukan kewangan menurut ciri-ciri aset.
Pendapatan sewa daripada pajakan operasi diiktiraf mengikut asas garis lurus sepanjang tempoh pajakan berkenaan (Nota 3(t)(vii)).
Kos langsung permulaan yang ditanggung untuk merunding dan mengatur pajakan operasi ditambah kepada jumlah bawa aset
dipajak dan diiktiraf mengikut asas garis lurus sepanjang tempoh pajakan.
(x)
Pajakan hartanah, loji dan peralatan di mana Kumpulan memegang sebahagian besar semua risiko dan ganjaran pemilikan
dikelaskan sebagai pajakan kewangan. Pajakan kewangan dipermodalkan pada permulaan pajakan antara nilai saksama hartanah
yang dipajak dan nilai semasa bayaran pajakan minimum yang lebih rendah.
Setiap bayaran pajakan diperuntukkan antara liabiliti dan caj kewangan untuk mencapai kadar faedah yang tetap daripada baki
liabiliti yang selebihnya. Obligasi sewaan berkaitan, selepas ditolak caj kewangan, dimasukkan dalam akaun akan dibayar jangka
panjang. Elemen biaya kos kewangan dicaj kepada keuntungan atau kerugian sepanjang tempoh pajakan untuk menghasilkan kadar
berkala yang tetap bagi baki liabiliti untuk setiap tempoh. Hartanah, loji dan peralatan yang diambil alih di bawah pajakan kewangan
disusut nilai mengikut tempoh yang lebih pendek antara hayat berguna aset dan tempoh pajakan.
Kos langsung permulaan yang ditanggung oleh Kumpulan dalam merunding dan mengatur pajakan kewangan ditambah kepada nilai
bawaan aset yang dipajak dan diiktiraf sebagai perbelanjaan dalam keuntungan atau kerugian sepanjang tempoh pajakan mengikut
asas yang sama dengan perbelanjaan pajakan.
Manfaat kakitangan
(i)
Upah, gaji, bonus dan caruman keselamatan sosial diiktiraf sebagai perbelanjaan pada tahun di mana perkhidmatan berkaitan diberi
oleh kakitangan. Ketidakhadiran berbayar terkumpul jangka pendek seperti cuti tahunan berbayar diiktiraf apabila perkhidmatan
diberi oleh kakitangan yang meningkatkan kelayakan mereka untuk mendapat ketidakhadiran berbayar pada masa depan.
Ketidakhadiran berbayar tidak terkumpul jangka pendek seperti cuti sakit diiktiraf apabila ketidakhadiran tersebut berlaku.
(ii)
Pelan caruman bertakrif adalah pelan manfaat selepas perkhidmatan yang mana Kumpulan membayar caruman tetap kepada
entiti-entiti atau tabung yang berasingan dan tidak mempunyai obligasi perundangan atau konstruktif untuk membayar caruman
selanjutnya jika mana-mana tabung tersebut tidak mempunyai aset yang mencukupi untuk membayar semua manfaat kakitangan
berkaitan dengan perkhidmatan kakitangan pada tahun kewangan semasa dan terdahulu. Caruman ini diiktiraf sebagai perbelanjaan
dalam keuntungan atau kerugian apabila ia ditanggung.
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Pelan manfaat bertakrif adalah pelan persaraan yang mentakrif suatu jumlah manfaat persaraan perlu dibayar, lazimnya sebagai
fungsi satu atau lebih faktor seperti usia, tahun perkhidmatan atau pampasan.
Beberapa syarikat dalam Kumpulan mengendalikan pelan persaraan manfaat tertakrif yang tidak dibiayai. Di bawah pelan tersebut,
manfaat persaraan boleh ditentukan dengan merujuk kepada pendapatan kakitangan, jawatan dan tempoh perkhidmatan dan
dibayar apabila mencapai umur lazim persaraan.
Liabiliti berhubung dengan pelan manfaat tertakrif adalah nilai semasa tanggungan manfaat bertakrif pada tarikh penyata kedudukan
kewangan tolak nilai saksama aset pelan, berserta dengan pelarasan bagi keuntungan/kerugian aktuari dan kos perkhidmatan masa
lampau yang tidak diiktiraf. Kumpulan menentukan nilai semasa tanggungan manfaat tertakrif dengan kecekapan yang mencukupi
supaya jumlah yang diiktiraf dalam penyata kewangan tidak jauh berbeza daripada jumlah yang akan ditentukan pada tarikh penyata
kedudukan kewangan.
Tanggungan manfaat tertakrif, dikira menggunakan kaedah kredit unit unjuran, yang ditentukan oleh aktuari bebas, dengan
mengambilkira anggaran aliran tunai masa hadapan menggunakan hasil pasaran pada tarikh penyata kedudukan kewangan bagi
sekuriti kerajaan yang denominasi dalam matawang yang mana manfaat akan dibayar dan mempunyai tempoh kematangan hampir
sama dengan tempoh yang berkaitan dengan obligasi pencen.
Keuntungan dan kerugian aktuari yang timbul daripada pelarasan pengalaman dan perubahan dalam andaian aktuari dicaj atau
dikreditkan kepada ekuiti dalam lain-lain pendapatan komprehensif pada tempoh ia timbul.
Kos perkhidmatan semasa, kos perkhidmatan lampau dan kos biaya diiktiraf dengan segera dalam keuntungan atau kerugian.
(y)
Kumpulan membayar manfaat pemberhentian kerja dalam hal pemberhentian perkhidmatan yang berkaitan dengan rangka kerja
penyusunan semula. Manfaat pemberhentian kerja diiktiraf sebagai liabiliti dan perbelanjaan apabila Kumpulan mempunyai pelan
rasmi yang terperinci bagi pemberhentian kerja tersebut dan ia tidak mempunyai kemungkinan realisitik untuk menarik balik.
(z)
Instrumen ekuiti
Saham biasa dan saham istimewa diklasifikasi sebagai ekuiti. Saham-saham lain diklasifikasi sebagai ekuiti dan/atau liabiliti mengikut
intipati ekonomi instrument tertentu.
Kos urus niaga bagi urus niaga ekuiti diambil kira sebagai pengurangan daripada ekuiti, bersih cukai. Kos urus niaga ekuiti terdiri daripada
kenaikan kos luaran tambahan yang berkaitan secara langsung dengan urus niaga ekuiti yang sebaliknya mungkin boleh dielakkan.
351
Kumpulan mempunyai perundangan semasa atau tanggungan konstruktif hasil peristiwa masa lalu;
terdapat kemungkinan Kumpulan aliran keluar sumber diperlukan untuk menjelaskan tanggungan tersebut; dan
satu anggaran yang pasti berhubung jumlahnya boleh dibuat.
Apabila berkemungkinan, kos-kos tersebut melebihi jumlah perolehan kontrak, peruntukan bagi kontrak yang membebankan diiktiraf.
Apabila Kumpulan menjangkakan peruntukan akan dibayar semula (contohnya, di bawah kontrak insurans), bayaran balik tersebut
diiktiraf sebagai aset berasingan tetapi hanya apabila bayaran balik tersebut dapat dipastikan. Peruntukan tidak diiktiraf bagi kerugian
operasi masa depan.
Apabila terdapat beberapa tanggungan yang serupa, kemungkinan aliran keluar diperlukan untuk penyelesaian ditentukan dengan
mempertimbangkan kelas tanggungan tersebut secara keseluruhannya. Satu peruntukan diiktiraf walaupun kemungkinan aliran keluar
berhubung dengan salah satu daripada perkara yang dimasukkan dalam kelas tanggungan yang sama adalah kecil.
Peruntukan diukur pada nilai semasa perbelanjaan yang dijangka diperlukan untuk menjelaskan tanggungan menggunakan kadar
sebelum cukai yang menggambarkan penilaian pasaran semasa bagi nilai masa wang dan risiko-risiko khusus berkaitan tanggungan
tersebut. Peningkatan dalam peruntukan disebabkan oleh peredaran masa diiktiraf sebagai kos kewangan.
(ad) Aset bukan semasa (atau kumpulan pelupusan) dipegang untuk dijual
Aset bukan semasa dan kumpulan pelupusan (sekumpulan aset yang akan dilupuskan dalam satu urus niaga dan liabiliti yang berkaitan
secara langsung dengan aset tersebut) diklasifikasikan sebagai dipegang untuk dijual jika nilai bawaannya akan diperoleh semula
melalui urus niaga jualan dan bukannya melalui penggunaan berterusan. Keadaan ini dianggap dipenuhi hanya apabila jualan sangat
berkemungkinan dan aset (atau kumpulan pelupusan) tersedia untuk jualan dalam keadaannya pada masa itu. Pihak pengurusan perlu
komited terhadap jualan, yang dijangka dalam tempoh setahun dari tarikh pengkelasan sebagai dipegang untuk jualan.
Sebaik sahaja sebelum pengklasifikasikan dipegang untuk diual aset (atau komponen kumpulan pelupusan) diukur semula menurut
dasar-dasar perakaunan Kumpulan. Selepas itu, aset (atau kumpulan pelupusan) diiktiraf pada yang lebih rendah antara nilai bawaan dan
nilai saksama tolak kos untuk dijual. Aset yang diklasifikasikan sebagai dipegang untuk dijual, atau termasuk dalam kumpulan pelupusan
yang dikelaskan sebagai dipegang untuk dijual, tidak disusut nilai. Kerugian rosot nilai daripada pengkelasan permulaan sebagai
dipegang untuk dijual dan keuntungan atau kerugian berikutnya daripada pengukuran semula dimasukkan ke dalam penyata pendapatan.
Keuntungan tidak diiktiraf melebihi sebarang kerugian rosot nilai terkumpul.
Operasi yang diberhentikan adalah komponen perniagaan Kumpulan yang mewakili jenis perniagaan utama atau kawasan operasi
geografi yang berasingan atau sebuah anak syarikat yang diambil alih dengan hasrat untuk dijual semula. Pengklasifikasikan sebagai
operasi diberhentikan dibuat apabila berlaku pelupusan atau apabila operasi memenuhi kriteria sebagai dipegang untuk dijual, yang mana
lebih awal. Kumpulan pelupusan yang akan ditinggalkan juga layak.
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353
Kumpulan beroperasi di peringkat antarabangsa dan terdedah kepada risiko pertukaran matawang asing yang wujud daripada
pelbagai pendedahan matawang, terutamanya dengan Dolar Amerika Syarikat (USD) dan Dolar Kanada (CAD). Risiko pertukaran
matawang asing wujud daripada urusniaga komersil masa hadapan, mengiktiraf aset dan liabiliti dan pelaburan bersih dalam
operasi asing tetapi mengecualikan biaya daripada syarikat usahasama dan syarikat bersekutu asing. Kumpulan menguruskan
pendedahan matawang melalui kontrak hadapan matawang asing.
Pengukuhan/kelemahan USD dan CAD sebanyak 10% berbanding Ringgit Malaysia (RM) pada tarikh penyata kedudukan
kewangan akan memberi kesan kepada keuntungan selepas cukai Kumpulan sebanyak kira-kira RM16,077,000 lebih tinggi/rendah
(2012:RM17,076,000 lebih tinggi/lebih rendah), terutamanya disebabkan oleh keuntungan/kerugian daripada perdagangan belum
terima dan belum bayar dalam matawang asing, aset-aset kewangan pada nilai saksama melalui keuntungan atau kerugian dan
keuntungan/kerugian tukaran asing berkaitan terjemahan pinjaman yang disebut dalam matawang asing. Analisis ini mengandaikan
bahawa semua pembolehubah lain kekal tidak berubah.
(ii)
Risiko harga
Risiko harga adalah risiko nilai saksama atau aliran tunai masa hadapan instrumen kewangan Kumpulan yang akan mengalami
turun naik akibat perubahan pada harga pasaran (selain daripada kadar biaya atau pertukaran matawang asing).
Kumpulan terdedah kepada risiko harga ekuiti yang wujud daripada pelaburannya dalam instrumen ekuiti disebut harga dan
tidak disebut harga. Pelaburan ekuiti disebut harga disenaraikan di Bursa Malaysia dan bursa saham asing serta diklasifikasikan
sebagai aset kewangan tersedia untuk dijual atau aset kewangan pada nilai saksama melalui keuntungan atau kerugian berasaskan
kepada tujuan pelaburan ekuiti disebut harga tersebut diambilalih. Pelaburan tidak disebut harga pula dinilai menggunakan kaedah
perbandingan Pendapatan Harga (PE)/Harga berbanding Buku( PB) dan diklasifikasikan sebagai aset kewangan tersedia untuk
dijual. Analisis sensitiviti berkaitan risiko harga ekuiti adalah seperti berikut:
Kumpulan
2013
Kesan kepada
keuntungan
Faktor sensitiviti
selepas cukai
Aset kewangan
RM000
Tersedia untuk:
- dijual
- tidak disebut harga
- disebut harga
Nilai saksama melalui
keuntungan atau kerugian
- disebut harga
Jumlah kesan
Tiada kesan perbandingan bagi tahun 2012.
Kesan
kepada
ekuiti
RM000
-
-
9,014
205
680
680
9,219
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NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
Kumpulan terdedah kepada risiko harga komoditi kerana harga minyak sawit mentah (MSM), gula, kacang soya dan derivatif
masing-masing tertakluk kepada turun naik akibat pelbagai faktor yang tidak boleh diramalkan seperti cuaca, perubahan permintaan
global, pengeluaran global, harga minyak mentah dan pengeluaran global bagi tanaman seumpamanya dan saling melengkapi.
Justeru, perolehan Kumpulan tertakluk kepada turun naik harga di pasaran komoditi. Kumpulan menggunakan kontrak derivatif
bagi mengawal sebahagian daripada risiko sedemikian.
Pada 31 Disember 2013, analisis sensitiviti telah dijalankan berasaskan kepada pendedahan Kumpulan kepada harga komoditi pada
tarikh penyelesaian bagi liabiliti LLA dan portfolio derivatif komoditi Kumpulan. Pertambahan sebanyak 10% dalam indeks harga
komoditi tertentu atau pertambahan sebanyak RM100 dalam harga MSM dilaksanakan untuk mengira liabiliti LLA, di mana semua
pemboleh ubah lain kekal tidak berubah, ia akan meningkatkan atau mengurangkan keuntungan selepas cukai Kumpulan, mengikut
jenis komoditi dan liabiliti kewangan, sebanyak kira-kira:
2013 2012
RM000 RM000
- Minyak sawit
- Gula
- Liabiliti LLA
(8,163)
-
(181,000)
(1,483)
971
(108,750)
(189,163)
(109,262)
Pengurangan sebanyak10% dalam indeks harga komoditi tertentu atau pengurangan sebanyak RM100 dalam harga MSM yang
digunakan untuk mengira liabiliti LLA, di mana semua pemboleh ubah lain kekal tidak berubah, ia akan meningkatkan atau
mengurangkan keuntungan selepas cukai Kumpulan, mengikut jenis komoditi dan liabiliti kewangan, sebanyak kira-kira:
2013 2012
RM000 RM000
- Minyak sawit
- Gula
- Liabiliti LLA
8,163
-
193,000
1,483
(971)
117,750
201,163
118,262
355
Risiko kadar biaya Kumpulan wujud terutamanya daripada liabiliti LLA dan pinjaman berjangka. Liabiliti LLA dan pinjaman berjangka
diterbitkan pada kadar boleh ubah mendedahkan Kumpulan kepada risiko kadar biaya aliran tunai. Pinjaman Kumpulan daripada
sebuah pemegang saham penting dan pinjaman lain, kecuali bagi pinjaman berjangka adalah pada kadar tetap.
Profil kadar biaya aset kewangan yang dikenakan faedah Kumpulan berasaskan kepada nilai bawaan pada akhir tempoh laporan
adalah:
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Aset kewangan
Pada kadar tetap
Deposit tetap
75,306
Jika kadar biaya ke atas aset kewangan berkadar apungan mencapai 10 mata asas lebih tinggi/lebih rendah di mana semua
pemboleh ubah lain kekal tidak berubah, keuntungan selepas cukai Kumpulan akan meningkat/berkurangan sebanyak kira-kira RM
tiada (2012: RM571,000).
Profil kadar biaya liabiliti kewangan Kumpulan yang dikenakan biaya, berasaskan kepada nilai bawaan pada akhir tempoh laporan
adalah seperti berikut:
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Liabiliti kewangan
Pada kadar tetap
Pinjaman belum terima kepada
pemegang saham penting
Kredit pusingan
Penerima bank
Overdraf bank
Pembiayaan semula kredit eksport
2,697,790
1,840,271
2,697,790
1,840,271
136,642 - - 1,395,736
561,000
-
24,500 - - 80,000
-
-
-
Pinjaman berjangka
Liabiliti LLA
13,032
4,844,390
38,669
5,664,769
Jika kadar biaya ke atas liabiliti kewangan berkadar apungan telah mencapai 10 mata asas lebih tinggi/lebih rendah di mana semua
pemboleh ubah lain kekal tidak berubah, keuntungan selepas cukai Kumpulan akan meningkat/berkurangan sebanyak kira-kira
RM213,000,000 (2012: RM242,250,000).
Aset kewangan dan liabiliti kewangan lain tidak dikenakan biaya, dan dengan demikian, tidak terjejas akibat perubahan kadar biaya.
356
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
Risiko kredit merujuk kepada risiko pihak berurusan akan ingkar terhadap obligasi kontraknya yang menyebabkan kerugian kewangan
kepada Kumpulan. Kumpulan mengguna pakai dasar berurusan dengan pelanggan melalui sejarah kredit yang baik dan mendapatkan
jaminan secukupnya apabila diperlukan, termasuk bayaran pendahuluan bagi mengurangkan risiko kredit. Pendedahan aset-aset
kewangan boleh digambarkan seperti berikut :
Aset
2013
kewangan
RM000
Cagaran
dipegang
sebagai Pendedahan
sekuriti
bersih
RM000
RM000
Kumpulan
Belum terima perdagangan
Belum terima lain
Jumlah belum terima daripada pemegang saham penting
Jumlah belum terima daripada syarikat-syarikat usahasama
Jumlah belum terima daripada syarikat bersekutu
Jumlah belum terima daripada syarikat-syarikat berkaitan lain
Aset kewangan derivatif
1,011,715
246,288
268,302
-
81,923
-
421,838
-
37
-
29,060
-
3,499
765,427
268,302
81,923
421,838
37
29,060
70,037
Syarikat
174,532
377
58,584
61
Aset
2012
kewangan
RM000
-
-
-
-
174,532
377
58,584
61
Cagaran
dipegang
sebagai Pendedahan
sekuriti
bersih
RM000
RM000
Kumpulan
Belum terima perdagangan
Belum terima lain
Jumlah belum terima daripada pemegang saham penting
Jumlah belum terima daripada syarikat-syarikat usahasama
Jumlah belum terima daripada syarikat-syarikat berkaitan lain
Aset kewangan derivatif
490,537
174,825
73,091
318,224
503,650
5,189
-
-
-
-
-
-
490,537
174,825
73,091
318,224
503,650
336,060
299,314
52,442
39,447
63,776
-
-
-
-
299,314
52,442
39,447
63,776
Syarikat
Belum terima perdagangan, jumlah belum terima daripada sebuah syarikat bersekutu, syarikat usahasama dan pendedahan pihak-pihak
berkaitan lain dipantau secara rapi dan disusul secara berterusan. Kumpulan secara umumnya tidak mempunyai tumpuan risiko kredit
yang penting kerana bilangan pelanggan Kumpulan yang besar selain daripada urusniaga jualan yang dibuat kepada pihak-pihak berkaitan
tertentu seperti yang dinyatakan dalam Nota 28 dan Nota 53.
Tunai dan kesetaraan tunai Kumpulan sebahagian besarnya disimpan dengan beberapa institusi kewangan utama di Malaysia. Para
Pengarah berpendapat bahawa kemungkinan institusi-institusi kewangan ini tidak berprestasi, termasuk institusi kewangan tidak
berkadaran, adalah tipis berdasarkan kekuatan kewangan mereka.
357
Risiko kecairan adalah risiko bahawa Kumpulan akan menghadapi masalah dalam memenuhi obligasinya disebabkan kekurangan dana.
Kumpulan mengekalkan tahap tunai dan kesetaraan tunai yang mencukupi untuk memenuhi keperluan modal kerja Kumpulan dengan
memantau aliran tunainya secara teliti. Jenis perniagaan yang dijalankan mendorong Kumpulan menerima pakai pengurusan risiko
kecairan yang berhemat bagi mengekal dan mendapatkan kemudahan kredit yang mencukupi daripada institusi kewangan.
Ramalan aliran tunai dilakukan dalam entiti-entiti operasi Kumpulan dan dikumpulkan oleh pengurusan. Pengurusan memantau ramalan
keperluan kecairan Kumpulan bagi memastikan ia mempunyai tunai yang mencukupi untuk memenuhi keperluan operasi di samping
mengekalkan ruang yang mencukupi bagi kemudahan pinjaman yang belum digunakan pada setiap masa supaya Kumpulan tidak
melebihi had pinjaman atau perjanjian (jika berkenaan) daripada sebarang kemudahan pinjamannya. Ramalan sedemikian mengambilkira
pelan pembiayaan hutang Kumpulan, pematuhan perjanjian, pematuhan kepada penyata dalaman mengenai sasaran nisbah kedudukan
kewangan dan, jika wajar, keperluan peraturan atau undang-undang luar contohnya sekatan matawang.
Lebihan tunai yang dipegang oleh entiti-entiti operasi yang melebihi baki yang diperlukan untuk pengurusan modal kerja dipindahkan
kepada perbendaharaan Kumpulan. Lebihan tunai dilaburkan ke dalam akaun semasa yang menjana keuntungan, deposit masa, deposit
pasaran wang dan sekuriti boleh pasar, dengan memilih instrumen dengan tempoh matang yang sesuai atau kecairan tunai yang
mencukupi bagi menyediakan ruang yang mencukupi sebagaimana yang ditetapkan dalam ramalan di atas.
Jadual di bawah menganalisis liabiliti kewangan bukan derivatif Kumpulan dan liabiliti kewangan derivatif selepas penjelasan ke dalam
kumpulan kematangan berasaskan kepada baki tempoh matang pada tarikh laporan sehingga tarikh matang kontrak. Liabiliti kewangan
derivatif dimasukkan ke dalam analisis jika tempoh matang kontraknya adalah penting bagi memahami perjalanan masa aliran tunai. Jadual
di bawah meringkaskan profil kematangan liabiliti kewangan Kumpulan dan Syarikat berasaskan kepada baki tempoh matang pada tarikh
penyata kedudukan kewangan. Jumlah yang dinyatakan dalam jadual ini adalah berasaskan kepada kontrak aliran tunai tidak didiskaun.
Kumpulan
Pada 31 Disember 2013
Pinjaman belum berbayar kepada pemegang
saham penting
Liabiliti LLA
Jumlah belum terima kepada pemegang saham penting
Jumlah belum terima kepada syarikat-syarikat
usahasama
Jumlah belum terima kepada syarikat-syarikat
berkaitan lain
Liabiliti kewangan derivatif
Pinjaman
Belum bayar
Jumlah liabiliti kewangan tidak didiskaun
Kurang
Antara1
Antara 2
dari
hingga
hingga
Lebih
1 tahun
2 tahun
5 tahun
5 tahun
Jumlah
RM000 RM000 RM000 RM000 RM000
343,916
385,767
386,921
333,236
366,844
-
935,628
1,130,085
-
1,908,881
96,115,434
-
3,521,661
97,998,130
386,921
23,000
23,000
4,723
-
-
-
4,723
1,120,132 - - -
1,120,132
1,638,109
1,665
4,995
4,899
1,649,668
1,349,184 - - -
1,349,184
5,251,752
701,745
2,070,708
98,029,214
106,053,419
297,694
496,938
69,510
93,826
359,607
489,467
-
-
780,738
1,441,288
-
-
797,615
114,470,458
-
-
2,235,654
116,898,151
69,510
93,826
755,023
-
-
-
755,023
106,680 - - -
106,680
599,410 255 254 -
599,919
348,688 - - -
348,688
2,767,769
849,329
2,222,280
115,268,073
121,107,451
358
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
Kurang
Antara1 Antara
dari
hingga 2 hingga
Lebih
1 tahun
2 tahun
5 tahun
5 tahun
Jumlah
RM000 RM000 RM000 RM000 RM000
343,916
88,734
3,833
333,236
-
-
935,628
-
-
1,908,881
-
-
3,521,661
88,734
3,833
563
19,705
26,952
-
-
-
-
-
-
-
-
-
563
19,705
26,952
483,703
333,236
935,628
1,708,881
3,661,448
297,694
78,676
359,607
-
780,738
-
797,615
-
2,235,654
78,676
69,510
66
-
-
-
-
-
-
69,510
66
1,430
-
-
-
1,430
32,235
-
-
-
32,235
- 10,458 10,458 10,458 31,374
479,611
370,065
791,196
808,073
2,448,945
(b)
Objektif utama Kumpulan terhadap dasar-dasar pengurusan modal adalah untuk menjaga keupayaan Kumpulan mengekalkan nisbah
modal yang sihat untuk memastikan perniagaan yang berterusan bagi menyediakan pulangan kepada para pemegang saham dan untuk
mengekalkan struktur modal yang optimum bagi mengurangkan kos modal.
Kumpulan mengurus struktur modalnya dan membuat pelarasan terhadapnya, berdasarkan perubahan ekonomi. Bagi mengekalkan atau
melaras struktur modal, Kumpulan mungkin melaraskan pembayaran dividen kepada para pemegang saham, memberi pulangan modal
kepada para pemegang saham atau menerbitkan saham baharu. Tiada perubahan dibuat dalam objektif, dasar-dasar atau proses-proses
pada tahun kewangan berakhir 31 Disember 2013 dan 31 Disember 2012.
Kumpulan memantau modal menggunakan nisbah penggearan iaitu jumlah hutang dibahagi dengan jumlah ekuiti boleh diagih kepada
para pemilik Syarikat. Pinjaman Kumpulan meliputi pinjaman-pinjaman, belum bayar kepada pemegang saham penting dan liabiliti LLA
dalam jumlah hutangnya. Ekuiti boleh diagihkan kepada para pemilik Syarikat termasuk modal saham, saham kepentingan boleh tebus,
premium saham, rizab dan perolehan tersimpan.
359
Analisis nisbah penggearan bagi Kumpulan dan Syarikat adalah seperti dinyatakan di bawah:
Kumpulan
Pinjaman
Pinjaman belum berbayar kepada pemegang saham penting
Liabiliti LLA
Jumlah hutang
Ekuiti boleh diagihkan kepada pemilik Syarikat
Nisbah penggearan
2013
RM000
2012
RM000
1,649,910
2,697,790
4,844,390
599,669
1,840,271
5,664,769
9,192,090
8,104,709
6,571,008
6,102,364
140%
133%
Pertambahan nisbah penggearan pada tahun kewangan berakhir 31 Disember 2013 sebahagian besarnya disebabkan oleh tambahan
pinjaman yang diperoleh daripada sebuah pemegang saham penting berjumlah RM1,067,400,000 bagi pengambilalihan Felda Holdings
Berhad (FHB).
Pinjaman
Pinjaman belum berbayar kepada pemegang saham utama
Jumlah hutang
Ekuiti boleh diagihkan kepada pemilik Syarikat
Nisbah penggearan
2013
RM000
2012
RM000
1,649,910
2,697,790
599,669
1,840,271
4,347,700
2,439,940
6,571,008
6,102,364
66%
40%
Syarikat
Pinjaman belum berbayar kepada pemegang saham penting
Jumlah ekuiti
Nisbah penggearan
2013
RM000
2012
RM000
2,697,790
1,840,271
7,378,570
7,296,182
37%
25%
360
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
Instrumen kewangan yang diukur dalam penyata kedudukan kewangan pada nilai saksama dinyatakan mengikut hierarki ukuran nilai
saksama berikut:
Disebut harga (tidak dilaras) di pasaran aktif bagi aset atau liabiliti yang sama (Tahap1).
Input selain daripada disebut harga termasuk dalam Tahap 1 yang boleh diperhatikan bagi aset atau liabiliti, sama ada secara
langsung (iaitu sebagai harga) atau secara tidak langsung (iaitu diperoleh daripada harga) (Tahap 2).
Input bagi aset atau liabiliti yang tidak berdasarkan kepada data pasaran boleh diperhatikan (iaitu,input tidak boleh diperhatikan)
(Tahap 3).
Jadual berikut membentangkan aset dan liabiliti Kumpulan yang diukur pada nilai saksama pada 31 Disember 2013 dan 31 Disember 2012:
2013
Aset
Aset kewangan pada nilai saksama melalui
keuntungan atau kerugian:
(i) Derivatif
- Kontrak hadapan tukaran asing
- Kontrak hadapan komoditi
(ii)
Sekuriti perdagangan
Aset kewangan tersedia untuk dijual:
Sekuriti ekuiti
Pelaburan hartanah
Jumlah aset
Tahap1
Tahap2
Tahap3
Jumlah
RM000 RM000 RM000 RM000
-
1,841
-
1,841
1,658
-
-
1,658
12,955 - -
12,955
24,273
-
-
129,628
187,302
-
211,575
129,628
Liabiliti
Liabiliti kewangan pada nilai saksama
melalui keuntungan atau kerugian:
(i) Liabiliti LLA
(ii) Derivatif
- Kontrak hadapan tukaran asing
- Kontrak hadapan komoditi
Jumlah liabiliti
4,844,390
4,844,390
-
1,730
13,631
-
-
-
13,631
1,730
1,730
13,631
4,844,390
4,859,751
361
Jadual berikut membentangkan aset dan liabiliti Kumpulan yang diukur pada nilai saksama pada 31 Disember 2013 dan 31 Disember 2012:
(Samb.)
2012
Aset
Tahap1
Tahap 2
Tahap 3
Jumlah
RM000 RM000 RM000 RM000
-
4,220
-
969
-
44,730
-
-
-
969
4,220
44,730
4,220
45,699
49,919
5,644,769
5,664,769
-
1,541
127
-
-
-
127
1,541
1,541
127
5,664,769
5,666,437
Liabiliti
Liabiliti kewangan pada nilai saksama
melalui keuntungan atau kerugian:
(i) Liabiliti LLA
(ii) Derivatif
- Kontrak hadapan tukaran asing
- Kontrak hadapan komoditi
Jumlah liabiliti
(i)
Instrumen kewangan dalam Tahap 1
Nilai saksama instrumen kewangan yang diniagakan di pasaran aktif adalah berasaskan kepada sebut harga pada tarikh penyata
kedudukan kewangan. Harga pasaran disebut harga yang digunakan bagi aset-aset kewangan yang dipegang oleh Kumpulan ialah
pada harga tawaran semasa. Instrumen ini dirangkumkan ke dalam Tahap 1. Instrumen Tahap 1 sebahagian besarnya meliputi
pelaburan ekuiti disenaraikan di Bursa Malaysia Securities Berhad atau saham tukaran asing, diklasifikasikan sebagai sekuriti
perdagangan atau tersedia untuk dijual dan derivatif komoditi disebut harga di Bursa Derivatif Malaysia (MDEX) bagi minyak sawit
dan di komoditi tukaran asing.
(ii)
Instrumen kewangan dalam Tahap 2
Nilai saksama instrumen kewangan yang tidak diniagakan di pasaran aktif ditentukan dengan menggunakan teknik penilaian. Teknik
penilaian ini memaksimumkan penggunaan data pasaran yang boleh diperhatikan di mana ia boleh didapati dan bergantung sekecil
mungkin kepada anggaran entiti-entiti tertentu. Jika semua input penting yang diperlukan untuk mencapai nilai saksama sesebuah
instrumen kewangan boleh diperhatikan, instrumen tersebut dirangkumkan ke dalam Tahap 2. Instrumen yang dimasukkan ke
dalam Tahap 2 meliputi kontrak hadapan bursa asing.
Jika satu atau lebih input penting adalah tidak berdasarkan kepada data pasaran boleh diperhatikan, instrumen tersebut
dirangkumkan ke dalam Tahap 3.
362
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
(iii)
Instrumen kewangan dalam Tahap 3
Instrumen termasuk dalam tahap 3 merangkumi liabiliti LLA dan sekuriti ekuiti tidak disebut harga. Jadual berikut membentangkan
perubahan instrumen Tahap 3 semasa tahun kewangan:
Liabiliti LLA
2013
RM000
2012
RM000
5,664,769
5,842,694
(494,485)
(325,894)
210,178
(388,103)
4,844,390
5,664,769
1 Januari
Pengambilalihan sebuah syarikat subsidiari
-
187,302
31 Disember
187,302
1 Januari
Nilai saksama pada permulaan LLA (Nota 45)
Perubahan nilai saksama (dikredit)/dikenakan kepada keuntungan
atau kerugian
Bayaran balik semasa tahun
31 Disember
Aset kewangan tersedia untuk dijual
- Sekuriti ekuiti
(d)
Tiada pengimbangan aset kewangan dan liabiliti kewangan berlaku semasa tahun ini bagi Kumpulan dan Syarikat.
Liabiliti LLA
Nilai saksama liabiliti LLA diukur menggunakan pengiraan aliran tunai yang didiskaunkan dengan menggunakan unjuran aliran tunai
berdasarkan belanjawan kewangan yang diluluskan oleh para Pengarah meliputi tempoh 97 tahun. Hasil daripada penilaian nilai saksama,
Kumpulan telah mengiktiraf liabiliti LLA sebanyak RM4,844,390,000 (2012: RM5,664,769,000). Andaian penting dan analisis sensitiviti
adalah seperti yang dinyatakan dalam Nota 45 kepada penyata kewangan.
(ii)
Pampasan belum terima dianggar berasaskan kepada kawasan dituntut oleh FELDA, tertakluk kepada perubahan berasaskan kepada
kawasan akhir dikenal pasti oleh FELDA. Kumpulan juga menganggar kesan yang sama kepada aset biologi, hartanah, loji dan peralatan,
bayaran pajakan terdahulu dan liabiliti LLA. Pada 2013, Kumpulan telah mengiktiraf pampasan belum terima berjumlah RM82,938,000,
aset biologi hapus kira berjumlah RM25,625,000 dan pembalikan berkaitan liabilliti LLA berjumlah RM65,500,000.
363
Kumpulan menentukan sama ada muhibah dirosot nilai sekurang-kurangnya setahun sekali. Ini memerlukan anggaran jumlah yang
boleh diperoleh semula daripada unit penjanaan tunai (CGU) di mana muhibah diperuntukkan. Penganggaran jumlah yang boleh
diperoleh semula memerlukan pihak pengurusan membuat anggaran jangkaan aliran tunai masa depan daripada CGU dan juga memilih
kadar diskaun yang sesuai untuk mengira nilai semasa aliran tunai tersebut. Jumlah yang boleh diperoleh semula bagi CGU ditetapkan
berdasarkan kepada pengiraan yang mana lebih tinggi antara nilai saksama ditolak kos untuk menjual atau nilai dalam penggunaan.
Hasil daripada penilaian rosot nilai ini, Kumpulan tidak mengiktiraf mana-mana rosot nilai. Andaian penting dan analisis sensitiviti adalah
seperti yang dinyatakan dalam Nota 21 kepada penyata kewangan.
(iv) Aset tidak nyata (selain daripada muhibah), hartanah, loji dan peralatan, pelaburan hartanah dan aset biologi.
Kumpulan menguji aset tidak nyata (selain daripada muhibah), hartanah, loji dan peralatan, pelaburan hartanah dan aset biologi untuk
dirosot nilai jika terdapat sebarang bukti objektif rosot nilai. Pengurusan telah menilai bahawa beberapa aset tidak nyata selain daripada
muhibah, hartanah, loji dan peralatan, hartanah pelaburan dan aset biologi mungkin berpotensi dirosot nilai atau rosot nilai sedia ada
boleh dibalikkan. Jumlah boleh diperolehi semula daripada aset-aset ini telah ditetapkan berdasarkan kepada pengiraan yang mana lebih
tinggi antara nilai saksama ditolak kos untuk menjual atau nilai dalam penggunaan.
Hasil daripada penilaian tersebut, Kumpulan telah mengiktiraf rosot nilai sebanyak RM42,285,000 (2012: RM36,616,000) terhadap
hartanah, loji dan peralatan, pelaburan hartanah dan aset biologi, susut nilai dipercepatkan sebanyak RM8,682,000 (2012: RM8,656,000)
terhadap aset biologi dan pembalikan rosot nilai sebanyak RM tiada (2012: 39,375,000) terhadap aset tidak nyata (selain daripada muhibah)
dan hartanah, loji dan peralatan. Andaian penting dan analisis sensitiviti adalah seperti yang dinyatakan dalam Nota 19, 20, 21 dan 29
kepada penyata kewangan.
(v)
364
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
Pelaburan dalam anak-anak syarikat, syarikat-syarikat bersekutu dan syarikat usahasama (Samb.)
Pelaburan dalam Trurich Resources Sdn. Bhd. (Trurich), sebuah syrikat usahasama
Pada 31 Disember 2013, pelaburan Kumpulan dalam sebuah syarikat usahasama, Trurich, telah diuji untuk rosot nilai disebabkan oleh
kerugian yang ditanggung.
Penilaian rosot nilai memerlukan anggaran jumlah boleh diperolehi semula daripada unit penjanaan tunai (CGU) di mana berkaitan
dengan pelaburan tersebut. Jumlah yang boleh diperoleh semula ditetapkan berdasarkan kepada pengiraan nilai saksama ditolak kos
untuk menjual atau nilai dalam penggunaan yang mana lebih tinggi.
Hasil daripada penilaian rosot nilai, tiada rosot nilai telah diiktiraf kerana jumlah CGU yang boleh diperoleh semula adalah melebihi nilai
bawaan.
Andaian penting yang digunakan bagi menentukan jumlah pelaburan yang boleh diperoleh semula dalam Trurich adalah seperti yang
dinyatakan dalam Nota 24.
6 PEROLEHAN
Kumpulan
Perolehan daripada jualan minyak sawit mentah (MSM)
Perolehan daripada jualan buah tandan segar (BTS)
Perolehan daripada jualan gula halus dan gula merah
Perolehan daripada jualan asid lelemak
Perolehan daripada jualan minyak sayuran dan makanan protein
Subsidi gula
Perolehan daripada jualan produk biodiesel
Perolehan daripada jualan isirung sawit
Perolehan daripada jualan getah beku
Perolehan daripada perkhidmatan urus janji pengetolan
Yuran pengurusan
Lain-lain
2013
2012
RM000 RM000
6,973,533
7,104,202
2,265,150
2,414,325
2,056,221
2,026,843
647,597
740,499
304,190
146,203
274,475
46,687
6,613
121,455
38,263
54,464
21,782
59,575
60,034
90,238
1,735 423
12,568,008 12,886,499
Syarikat
Dividen daripada syarikat-syarikat bersekutu:
- disebut harga
- tidak disebut harga
Dividen daripada anak-anak syarikat:
- disebut harga
- tidak disebut harga
Yuran pengurusan
Pendapatan keuntungan daripada institusi kewangan
-
76,863
23,718
173,279
16,202
257,617
75,882
123,796
14,659
515,236
127,368
67,475
550,360 921,735
365
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Keuntungan daripada ukuran nilai saksama
sebuah syarikat bersekutu
263,280
-
-
Pampasan belum terima
82,938
-
-
Muhibah negatif wujud daripada gabungan perniagaan
67,581
-
-
Keuntungan atas pelupusan sebuah syarikat bersekutu
26,673
-
343,822
Keuntungan daripada penjualan hartanah, loji dan peralatan
5,978
1,810
-
Keuntungan daripada pelupusan pelaburan hartanah
4,508
Pendapatan sewa
4,527
1,312
-
-
23,878
-
Pembalikan rosot nilai aset tidak nyata
Keuntungan pertukaran matawang asing
30,654
8,162
-
Lain-lain pendapatan operasi
22,681
5,350
4
105
508,820
40,512
343,826
105
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Kerugian rosot nilai pinjaman belum bayar
-
26,952
-
daripada syarikat berkaitan lain
Kerugian rosot nilai daripada pelaburan dalam
-
-
12,391
115,356
anak-anak syarikat
Kerugian rosot nilai daripada pelaburan hartanah
1,622
-
-
Kerugian daripada pelupusan anak-anak syarikat
-
-
-
4,528
Kerugian daripada pelupusan syarikat usahasama
-
-
-
36,890
Perbelanjaan kontrak jaminan kewangan
-
-
-
13,476
Lain-lain perbelanjaan operasi
559
10,512
5
9,752
2,181
37,464
12,396
180,002
(7,745)
2,685
5,514
2,700
2,007
494,261
(204,793)
366
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
10
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Pendapatan kewangan:
- pendapatan kewangan daripada institusi kewangan
161,377
103,934
-
- pendapatan kewangan daripada syarikat-syarikat
usahasama
2,795
3,339
-
- pembalikan diskaun aset kewangan
-
-
-
139
Jumlah pendapatan kewangan
164,172
107,273
-
139
Kos kewangan:
- pinjaman berjangka
- kredit pusingan
- pinjaman daripada pemegang saham penting
- penerimaan bank
- pembalikan diskaun liabiliti kewangan
- kerugian tukaran matawang asing direalisasi
- kerugian tukaran matawang asing tidak direalisasi
- lain-lain
Jumlah kos kewangan
Pendapatan/(kos) kewangan bersih
(249)
(534)
(93,085)
(8,415)
-
(83)
(376)
(687)
(5,672)
(2,506)
(91,174)
(11,670)
(258)
-
-
-
-
-
(93,085)
-
-
(83)
-
-
(2,506)
(91,174)
-
(103,429)
(111,280)
(93,168)
(93,680)
60,743
(4,007)
(93,168)
(93,541)
11
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Perbelanjaan operasi ladang yang telah matang
601,593
441,540
-
Perbelanjaan penanaman semula
255,836
223,458
-
-
12,340
-
Yuran pengurusan ladang
Kos bahan mentah dan bahan kimia untuk pengeluaran
2,079,752
2,307,443
-
Kos pembelian MSM dan Isirung sawit dan kos pengilangan
7,065,731
7,022,703
-
Kos petrol, diesel dan gas asli
96,057
109,618
-
Caj perkhidmatan atas urusniaga MSM
10,912
16,895
-
Hartanah, loji dan peralatan (Nota 19):
- Susut nilai
98,818
88,818
779
189
- Kerugian rosot nilai
40,000
32,300
-
- Pembalikan rosot nilai
-
(15,497)
-
- Hapus kira
2,335
697
5
- Keuntungan daripada pelupusan
(5,978)
(1,810)
-
- Kerugian daripada pelupusan
2,032
-
-
Hartanah pelaburan (Nota 20):
- Susut nilai
224
463
-
- Kerugian rosot nilai
1,622
-
-
- Keuntungan daripada pelupusan
(4,508)
-
-
Aset tidak nyata (Nota 21):
- Pelunasan
11,064
11,098
1,608
468
- Pembalikan rosot nilai
-
(23,878)
-
Pelunasan pra bayaran pajakan (Nota 25)
150
70
-
Aset biologi (Nota 29):
- Susutnilai dipercepatkan
8,682
8,656
-
- Kerugian rosot nilai
663
4,316
-
- Hapus kira
32,195
13,638
-
-
367
11
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Aset dipegang untuk dijual (Nota 35):
- Keuntungan daripada pelupusan
(5,381)
-
-
Kerugian daripada pelupusan anak-anak syarikat
-
-
-
4,528
Kerugian rosot nilai daripada pelaburan dalam anak syarikat
(Nota 22)
-
-
12,391
115,356
Keuntungan pelupusan syarikat bersekutu (Nota 23)
(26,673)
-
(343,822)
Kerugian pelupusan sebuah usahasama (Nota 24)
-
-
-
36,890
Rosot nilai pinjaman yang akan dibayar daripada syarikat
-
26,952
-
berkaitan (Nota 26)
Rosot nilai/(pembalikan) belum terima
611
(79)
-
Peruntukan/(pembalikan) bagi penurunan nilai inventori
1,012
(536)
-
Sewa
7,745
1,886
4,651
481
- tanah dan bangunan
- Lain-lain peralatan
1,317
421
887
421
Pembaikan dan penyelenggaraan loji dan kilang penapisan
41,962
34,127
-
Bayaran juruaudit utama:
- Yuran audit
1,041
865
324
225
- Yuran bukan audit @
3,395
5,339
3,395
5,269
Bayaran lain bagi juruaudit:
- Yuran audit
1,932
1,484
-
- Yuran bukan audit
4,424
2,820
4,003
2,820
Kos pekerja*
1,011,481
955,428
57,093
32,401
(Keuntungan)/kerugian bersih pertukaran asing
(15,859)
4,838
83
3,404
direalisasi
Kerugian bersih pertukaran asing tidak direalisasi
26,683
2,905
-
947
Bayaran berasaskan saham
-
25,723
-
25,723
Perbelanjaan IPO
-
35,422
-
35,422
Perbelanjaan kontrak jaminan kewangan
-
-
-
13,476
@
Yuran bukan audit yang dibayar kepada juruaudit utama pada 2012 berkaitan terutamanya dengan perbelanjaan Penawaran Awam
Permulaan (IPO).
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Upah, gaji dan bonus
737,448
671,171
44,901
26,344
Pelan caruman tertakrif
58,946
54,171
6,286
3,429
Pelan manfaat tertakrif
705
2,521
110
21
Lain-lain manfaat kakitangan
214,382
227,565
5,796
2,607
1,011,481
955,428
57,093
32,401
Kos pekerja yang dirangkumkan ke dalam kos jualan berjumlah RM897,610,000 (2012: RM810,988,000) bagi Kumpulan dan RM39,163,000 (2012:
RM19,223,000) bagi Syarikat.
368
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
12
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Yuran:
- Bukan Eksekutif Bukan Bebas
1,467
1,687
1,105
1,169
- Bukan Eksekutif Bebas
1,089
543
934
543
- Pengarah Eksekutif
151
338
-
-
2,707
2,568
2,039
1,712
Gaji, bonus dan elaun:
- Bukan Eksekutif Bukan Bebas
- Bukan Eksekutif Bebas
- Pengarah Eksekutif
Pelan caruman tertakrif :
- Bukan Eksekutif Bukan Bebas
- Pengarah Eksekutif
Lain-lain manfaat kakitangan :
- Bukan Eksekutif Bukan Bebas
- Bukan Eksekutif Bebas
- Pengarah Eksekutif
2,031
100
1,278
103
10
1,976
2,031
100
1,278
84
10
1,955
3,409
2,089
3,409
2,049
367
200
77
301
367
200
77
301
567
378
567
378
578
371
117
298
107
100
392
371
117
118
107
64
1,066
505
880
289
7,749
5,540
6,895
4,428
Anggaran nilai wang bagi manfaat seumpamanya yang disediakan kepada para Pengarah Syarikat pada tahun kewangan ini berjumlah
RM122,000 (2012: RM64,000).
13 ZAKAT
Kumpulan
2013
2012
RM000 RM000
Pergerakan dalam liabiliti zakat:
Pada awal tahun kewangan
Perbelanjaan zakat tahun kewangan semasa
Zakat dibayar
-
32,612
(32,612)
-
16,580
(16,580)
-
369
14 CUKAI
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Cukai pendapatan Malaysia :
- Bagi kewangan semasa
118,206
221,352
-
2,639
- Bagi kewangan sebelumnya
12,557
3,665
(2,168)
Cukai pendapatan asing:
- Bagi tahun kewangan semasa
Cukai tertunda (Nota 48)
Perbelanjaan/(pendapatan) cukai
820
20,427
235,076
(40,862)
(14,822)
1,498
366,659
204,582
(16,990)
4,137
Penyelarasan semua perbelanjaan cukai pendapatan ke atas keuntungan sebelum cukai selepas zakat pada kadar cukai pendapatan berkanun
Malaysia kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif Kumpulan dan Syarikat adalah seperti berikut:
Kumpulan Syarikat
2013 2012 2013 2012
RM000
RM000
RM000
RM000
Keuntungan sebelum cukai selepas zakat
1,503,710
1,077,089
594,361
440,118
Kadar cukai korporat Malaysia 25% (2012: 25%)
Kesan cukai daripada:
- kadar cukai berbeza di lain-lain negara
- perbelanjaan tidak boleh ditolak untuk tujuan cukai
- perubahan dalam kadar cukai
- pendapatan tidak tertakluk kepada cukai
- aset cukai tertunda tidak diiktiraf bagi tahun semasa
- terkurang peruntukan cukai pendapatan pada tahun
sebelumnya
- pengiktirafan aset cukai tertunda yang tidak diiktiraf
sebelum ini
- lain-lain
Perbelanjaan/(pendapatan) cukai
15
375,928
269,272
148,590
110,030
3,889
25,167
38,687
(108,376)
20,184
(6,761)
132,519
-
(97,994)
4,286
-
42,318
-
(204,575)
-
89,472
(195,949)
-
12,557
3,665
(2,168)
-
(1,377)
(100,018)
(387)
-
(1,155)
584
366,659
204,582
(16,990)
4,137
370
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
16
DIVIDEN SESAHAM
Dividen yang telah diisytiharkan dan dibayar adalah seperti berikut:
Dividen akhir peringkat pertama bagi tahun kewangan berakhir
31 Disember 2012, telah dibayar pada 12 Julai 2013
Dividen interim peringkat pertama bagi tahun kewangan berakhir
31 Disember 2013, telah dibayar pada 27 Disember 2013
(2012: dividen peringkat pertama bagi tahun kewangan
berakhir 31 Disember 2012, dibayar pada 22 Oktober 2012)
17
Jumlah
dividen
RM000
8.5
310,093
6.0
218,889
5.5
200,648
528,982
5.5
200,648
14.5
PENDAPATAN SESAHAM
Kumpulan
2013
EPS Asas dan dicairkan (sen)
- Daripada operasi berterusan
27.7
- Daripada operasi diberhentikan
(0.8)
26.9
2012
27.3
1.2
28.5
Pendapatan asas sesaham (EPS) dikira berasaskan kepada keuntungan disatukan selepas cukai yang boleh diagihkan kepada pemegang
saham ekuiti Syarikat dan dibahagikan dengan bilangan berwajaran saham biasa dalam terbitan.
Kumpulan
2013
Keuntungan daripada operasi berterusan boleh diagihkan kepada pemegang saham
1,011,004
ekuiti (RM000)
Keuntungan daripada operasi diberhentikan boleh diagihkan kepada pemegang saham
(28,753)
ekuiti (RM000)
Keuntungan bagi tahun kewangan yang boleh diagihkan kepada pemegang saham
982,251
ekuiti (RM000)
Bilangan purata berwajaran saham biasa dalam terbitan (ribu)
Tiada kesan kepada EPS dicairkan kerana tidak ada RCPS dan RCCPS tertunggak pada 31 Disember 2013.
3,648,152
2012
773,402
32,551
805,953
2,829,538
371
18
LAPORAN SEGMEN
Segmen operasi dilaporkan dalam cara yang konsisten dengan laporan pengurusan dalaman yang disediakan kepada ketua pembuat keputusan
operasi (CODM), iaitu Jawatankuasa Eksekutif (EXCO).
EXCO mempertimbangkan perniagaan mengikut kegiatan berkaitan produk. Segmen yang boleh dilaporkan bagi tahun kewangan berakhir 31
Disember 2013 telah dikenal pasti seperti berikut:
Perladangan Kegiatan estet perladangan termasuk penanaman, penuaian dan pengeluaran buah tandan segar (BTS), pemprosesan
BTS dan penjualan minyak sawit mentah (MSM) dan isirung sawit (IS).
Hiliran penapisan MSM, pemeringkatan minyak sawit ditapis diluntur dinyahbau (RBDPO) dan Olein Sawit (PO), penghancuran IS,
pemprosesan dan penjualan produk biodiesel, pengeluaran oleokimia iaitu asid lelemak dan gliserin dan pengeluaran produk akhir pengguna.
Gula Penapisan dan penjualan gula dan pemasaran gula halus dan gula merah.
Perkilangan, Logistik & Lain-lain Pemprosesan dan pengeluaran getah dan baja, kemudahan dan perkhidmatan pukal dan pengangkutan,
perkhidmatan kejuruteraan, teknologi maklumat, keselamatan, pelancongan, kegiatan penyelidikan dan pembangunan dan penjualan
bahan-bahan perladangan.
Penyesuaian kepada segmen yang boleh dilaporkan terutamanya berkaitan dengan penghapusan Felda Holdings Bhd., sebuah syarikat
bersekutu Kumpulan sehingga 27 Disember 2013 yang termasuk dalam segmen boleh dilaporkan yang sesuai dan merangkumi syarikat
pegangan pelaburan dalam Kumpulan, yang tidak menjadi sebahagian daripada segmen boleh dilaporkan.
Operasi yang diberhentikan ini berkaitan dengan bahagian keputusan usahasama, Bunge ETGO L.P disebabkan oleh pembubaran entiti pada 30
November 2013 (Nota 15).
EXCO menilai prestasi segmen operasi berdasarkan kepada keuntungan sebelum cukai.
Maklumat segmen diberikan kepada EXCO untuk segmen boleh dilaporkan bagi tahun kewangan yang dilaporkan adalah seperti berikut:
Perkilangan,
logistik dan
Operasi
2013
Perladangan Hiliran Gula lain-lain
Penyesuaian Jumlah
diberhentikan Jumlah
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Jumlah perolehan segmen
18,073,010 6,779,899 2,249,689 3,015,711
(17,550,301)
12,568,008
- 12,568,008
Tolak: Perolehan antara segmen
(1,694,710)
(183,804)
(47,209)
(512,901)
2,438,624
-
-
Perolehan daripada pelanggan luar
16,378,300
6,596,095
2,202,480
2,502,810
(15,111,677)
12,568,008
-
12,568,008
Keuntungan sebelum cukai bagi
tahun kewangan
1,181,354
(42,626)
387,158
186,798
(176,362)
1,536,322
(28,753)
1,507,569
Zakat
(32,612)
Cukai
(366,659)
Keuntungan selepas cukai bagi
tahun kewangan
1,108,298
Maklumat lain:
Pendapatan kewangan
Kos kewangan
Susut nilai dan pelunasan
Kerugian rosot nilai dan hapus kira
Muhibah negatif timbul daripada
gabungan perniagaan
Perubahan nilai saksama dalam
liabiliti LLA
Keuntungan daripada nilai saksama
pengukuran semula syarikat bersekutu
Bahagian keputusan usahasama
Bahagian keputusan syarikat bersekutu
Perbelanjaan modal
13,076
(11,261)
(139,688)
(34,162)
19,352
(8,277)
(54,479)
(42,589)
27,924
(4,895)
(39,260)
(2,481)
1,800
(14,998)
(81,254)
-
102,020
(63,998)
195,743
(13)
164,172
(103,429)
(118,938)
(79,245)
-
-
-
-
164,172
(103,429)
(118,938)
(79,245)
2,531
65,050
67,581
67,581
494,485
494,485
494,485
-
(20,235)
10,494
306,215
-
(65,361)
-
71,592
-
-
-
85,271
-
-
-
112,479
263,280
-
72,874
(1,235)
263,280
(85,596)
83,368
574,322
-
(28,753)
-
-
263,280
(114,349)
83,368
574,322
372
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
18
996,833
184,521
(27,203)
(15,423)
387,158
-
-
186,798
106,660
(283,022)
1,463,448
72,874
(28,753)
-
1,434,695
72,874
1,181,354
(42,626)
387,158
186,798
(176,362)
1,536,322
(28,753)
1,507,569
Perkilangan,
logistik dan
Operasi
2012
Perladangan Hiliran Gula lain-lain
Penyesuaian Jumlah
diberhentikan Jumlah
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Jumlah perolehan segmen
20,287,441
7,873,245
2,313,188
3,494,239
(21,081,614)
12,886,499
-
12,886,499
Tolak: Perolehan antara segmen
(2,360,691)
(210,959)
(11,869)
(569,421)
3,152,940
-
-
Perolehan daripada pelanggan luar
17,926,750
7,662,286
2,301,319
2,924,818
(17,928,674)
12,886,499
-
12,886,499
Keuntungan sebelum cukai bagi
tahun kewangan
1,118,666
(12,036)
312,631
343,293
(668,885)
1,093,669
32,551
1,126,220
Zakat
(16,580)
Cukai
(204,582)
Keuntungan selepas cukai bagi
tahun kewangan
905,058
Maklumat lain :
Pendapatan kewangan
10,396
Kos kewangan
(7,523)
Susut nilai dan pelunasan
(122,767)
Kerugian rosot nilai dan hapus kira
(6,446)
Pembalikan rosot nilai
-
Perubahan nilai saksama dalam
liabiliti LLA
(210,178)
Bahagian keputusan usahasama
(4,236)
Bahagian keputusan syarikat bersekutu 46,329
Perbelanjaan modal*
277,370
*
5,474
(22,271)
(51,113)
(32,300)
39,454
31,247
(11,049)
(40,514)
(12,205)
-
11,717
(12,113)
(76,831)
-
-
48,439
(58,324)
182,120
(26,952)
-
107,273
(111,280)
(109,105)
(77,903)
39,454
-
-
-
-
-
107,273
(111,280)
(109,105)
(77,903)
39,454
-
(56,440)
-
99,095
-
-
-
34,227
-
-
-
89,870
-
-
154,750
709
(210,178)
(60,676)
201,079
501,271
-
32,551
-
-
(210,178)
(28,125)
201,079
501,271
Perbelanjaan modal termasuk FHB, syarikat bersekutu Kumpulan pada tahun kewangan 31 Disember 2012, yang menjadi anak syarikat
milik penuh Syarikat pada 27 Disember 2013.
373
18
839,861
278,805
(28,980)
16,944
312,631
-
-
343,293
(184,593)
(484,292)
938,919
154,750
32,551
-
971,470
154,750
1,118,666
(12,036)
312,631
343,293
(668,885)
1,093,669
32,551
1,126,220
Perolehan daripada pihak luar yang dilaporkan kepada EXCO diukur secara konsisten dengan yang terdapat dalam penyata pendapatan
komprehensif.
Perolehan daripada pelanggan luar diperoleh daripada jualan barangan dan peruntukan perkhidmatan seperti yang dinyatakan dalam Nota 6.
Analisis perolehan luar mengikut lokasi geografi pelanggan akhir adalah seperti berikut:
Malaysia
Luar negeri:
- China
- Asia (tidak termasuk Malaysia, China, Pakistan dan Indonesia)
- Amerika Syarikat dan Kanada
- Eropah
- Pakistan
- Indonesia
- Lain-lain
Penyesuaian:
- FHB*
- Lain-lain
2013
2012
RM000 RM000
20,259,756
21,715,820
1,730,199
2,066,816
1,136,365
628,894
1,346,719
19,152
491,784
2,717,223
2,285,292
1,077,570
837,613
1,553,528
135,496
492,631
(15,172,771)
61,094
(18,018,864)
90,190
(15,111,677)
(17,928,674)
12,568,008
12,886,499
* FHB menjadi anak syarikat milik penuh Syarikat pada 27 Disember 2013. Oleh itu, penyesuaian adalah mewakili FHB dan kumpulan
syarikatnya sebagai urus niaga dengan syarikat bersekutu.
Aset segmen dan liabiliti segmen tidak dinyatakan kerana ia tidak dilaporkan kepada CODM.
374
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
18
2013
2012
RM000 RM000
9,501,990 6,061,337
550,049
20,801
11,288
11,174
704,169
35,434
14,982
14,118
-
-
3,059,872
(2,874,297)
- 185,575
10,095,032 7,015,615
Dalam tahun kewangan, dua (2012: dua) pelanggan utama dalam segmen Perladangan telah menyumbangkan 40% (2012: 36%) daripada jumlah
perolehan Kumpulan.
19
-
-
-
1,573
(266)
7,823
(86)
(23)
(18)
1,182
-
-
1,507,899
1,554,954
1,821,388
221,222
106,879
(370)
10,555
- 943,950
424,123
5,682,552
375
19
(1,515)
(17,858)
(19,373)
-
(2,159) - - - - -
(2,159)
-
-
(646)
(6,546)
(24)
(511)
-
(7,727)
- 19,664 353,507 328,706 77,350 31,451
33,039
530,111
506,754
413,604
60,637
19,822
- 810,678
119,349
1,683,316
Pada 31 Disember 2013, jumlah bawaan hartanah, loji dan peralatan di bawah perjanjian tanah bersama FELDA adalah RM201,312,000 (2012:
RM144,135,000) dan FELDA sedang dalam proses memohon hak milik tanah daripada kerajaan negeri masing-masing.
376
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
19
Peralatan
pejabat
RM000
Kenderaan
Kerja dalam
bermotor
pelaksanaan
RM000
RM000
Jumlah
RM000
Kos
Pada 1 Januari 2013
Tambahan
Hapus kira
Pada 31 Disember 2013
612
4,721
(10)
352
1,207
-
-
3,852
-
964
9,780
(10)
5,323
1,559
3,852
10,734
250
507
(5)
163
272
-
-
-
-
413
779
(5)
752
435
1,187
4,571
1,124
3,852
9,547
2012
Peralatan Kenderaan
pejabat
bermotor
RM000
RM000
Jumlah
RM000
Kos
Pada 1 Januari 2012
Tambahan
Pada 31 Disember 2012
562
50
352
-
914
50
612
352
964
131
119
93
70
224
189
250
163
413
362
189
551
377
19
Penamatan usahasama dengan Bunge ETGO L.P. (Nota 15), keadaan pasaran yang kurang memberansangkan pada tahun kewangan
ini dan kerugian berterusan dalam anak syarikat, TRT ETGO, telah dikenal pasti sebagai petunjuk bagi ujian rosot nilai yang akan
dijalankan ke atas hartanah, loji dan peralatan berkaitan dengan CGU bagi operasi perniagaan minyak makanan bertapis di Kanada.
Jumlah boleh diperoleh semula bagi CGU ditentu berdasarkan pengiraan nilai saksama tolak kos untuk menjual menggunakan
unjuran aliran tunai berasaskan kepada bajet kewangan yang diluluskan oleh para Pengarah meliputi tempoh selama lima tahun dan
menggunakan gandaan nilai terminal bagi pertumbuhan mampan jangka panjang yang dinyatakan di bawah.
Andaian utama yang digunakan untuk pengiraan nilai saksama CGU tolak kos untuk menjual bagi CGU adalah seperti berikut:
2013
Margin kos
Kadar pertumbuhan nilai terminal
Kadar diskaun
4.4%
2%
13.25%
(i)
Margin kasar
Asas yang digunakan untuk menentukan nilai yang ditetapkan kepada margin kasar yang dibajet adalah margin kasar purata
yang diterima pada tahun kewangan sebaik sahaja sebelum tahun kewangan yang dibajet. Dilaraskan mengikut keadaan
pasaran dan ekonomi, dan peningkatan kecekapan yang dijangka.
(ii)
Kadar pertumbuhan terminal adalah hampir dengan kadar inflasi yang digunakan dan ini adalah sejajar dengan ramalan
semasa keluaran dalam negara kasar (KDNK).
Termasuk dalam hartanah, loji dan peralatan adalah aset di bawah geran daripada FELDA dan Investissement Quebac (Penjamin),
sebuah agensi kerajaan wilayah Quebec bagi TRT ETGO masing-masing berjumlah RM13,730,000 dan RM23,390,000.
Geran modal yang diterima daripada FELDA adalah berhubung dengan sumbangan geran bagi pembangunan Pusat Biotechnologi di
Enstek, Nilai danProjek Getah Hijau di Palong.
Geran modal yang diterima daripada Penjamin berkaitan dengan pengembalian 5% daripada kos yang ditanggung untuk
membangunkan dan membina loji penghancur bijian minyak di Kanada.
Tiada geran yang diiktiraf pada 31 Disember 2013 yang berkaitan dengan syarat yang tidak dipenuhi atau luar jangka yang lain.
378
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
19
Keadaan pasaran yang kurang menggalakkan pada tahun kewangan dan kerugian berterusan yang dialami oleh sebuah anak
syarikat, TRT ETGO, telah dikenal pasti sebagai petunjuk bagi ujian rosot nilai yang akan dijalankan ke atas hartanah, loji dan
peralatan berkaitan dengan CGU bagi operasi perniagaan minyak makanan bertapis di Kanada. Jumlah CGU boleh diperoleh semula
ditentukan berasaskan kepada pengiraan nilai saksama tolak kos untuk menjual.
Andaian utama yang digunakan utuk pengiraan nilai saksama tolak kos untuk menjual bagi CGU seperti berikut:
(a)
Yuran pengetolan berdasarkan kepada purata anggaran kadar pertumbuhan kompaun tahunan lebih kurang 2% sepanjang
tempoh Perjanjian Yuran Pengetolan. Asas yang digunakan adalah sejajar dengan Perjanjian Yuran Pengetolan bertarikh 9
Disember 2012 antara Bunge-ETGO L.P. dan TRT ETGO.
(b)
Kadar diskaun yang digunakan adalah 12.4% yang menggambarkan risiko khusus berkaitan dengan operasi perniagaan.
(c)
Nilai terminal adalah berdasarkan kepada pendapatan sebelum faedah, cukai, susut nilai dan pelunasan (EBITDA) pada
kadar pertumbuhan 2% pada 2017.
Berdasarkan kepada pengiraan nilai saksama tolak kos untuk menjual, Kumpulan telah merosotkan nilai hartanah, loji dan
peralatan sebanyak RM32,300,000 yang dicatatkan sebagai kerugian rosot nilai dalam kos jualan.
Berdasarkan kepada analisis sensitiviti yang dijalankan oleh Kumpulan, kesan peningkatan 1% pada kadar diskaun yang digunakan,
yang merupakan andaian utama, akan mengakibatkan kerugian rosot nilai tambahan sebanyak RM30,737,000.
(ii)
Berikutan peningkatan dalam prestasi kewangan, satu penaksiran semula jumlah boleh diperoleh semula telah dibuat ke atas
operasi perniagaan asid lelemak di AS. Taksiran tersebut memerlukan anggaran nilai dalam kegunaan CGU yang diperuntukkan
kepada hartanah, loji dan peralatan dan aset tidak nyata berkaitan operasi perniagaan asid lelemak di Amerika Syarikat seperti yang
dinyatakan dalam Nota 21. Ini menghasilkan pembalikan rosot nilai hartanah, loji dan peralatan berjumlah RM15,497,000.
(iii) Sebuah anak syarikat Kumpulan, Kilang Gula Felda Perlis Sdn. Bhd. (KGFP) yang sebelumnya telah mencatatkan kerugian rosot
nilai lebih kurang RM3,566,000 ke atas hartanah, loji dan peralatan tertentu berikutan amaun boleh diperoleh semula adalah di
bawah nilai bawaan. Jumlah boleh diperoleh semula daripada aset-aset ini ditentukan dengan merujuk kepada nilai saksamanya
tolak kos untuk menjual berasaskan kepada penilaian bebas oleh pihak luar dengan menggunakan kaedah perbandingan dengan
merujuk kepada urus niaga semasa dan bukti jualan terkini.
Pada 31 Disember 2012, sebahagian daripada hartanah, loji dan peralatan di atas yang telah dilupuskan adalah di atas nilai bawaan,
menghasilkan pembalikan rosot nilai sebanyak RM529,000.
(iv) Termasuk dalam hartanah, loji dan peralatan meliputi geran tertunda yang diberi oleh Investissement Quebec (Penjamin), sebuah
agensi kerajaan wilayah Quebec berjumlah RM23,290,000. Di bawah terma perjanjian tersebut, Penjamin akan mengembalikan
kepada TRT ETGO, 5% daripada kos yang ditanggung untuk membangun dan membina loji penghancur benih minyak di Becancour.
379
20
PELABURAN HARTANAH
Kumpulan
2013
Tanah pegangan
Tanah pegangan
bebas
pajakan
Bangunan
Jumlah
RM000
RM000
RM000
RM000
Kos
Pada 1 Januari 2013
Pengambilalihan anak-anak syarikat (Nota 22(b))
Pelupusan
Pada 31 Disember 2013
-
43,000
-
43,000
32,006
5,080
92,542
129,628
- (41,000)
- (41,000)
32,006
7,080
92,542
131,628
-
2,622
-
224
-
1,622
- (2,468)
-
2,622
-
224
-
1,622
- (2,468)
2,000
2,000
32,006
5,080
92,542
129,628
2012
Kumpulan
Tanah pegangan
Kos
pajakan
RM000
Pada 1 Januari 2012
Pindahan daripada hartanah, loji dan peralatan (Nota 19)
43,000
Pada 31 Disember 2012
43,000
Susut nilai terkumpul
Pada 1 Januari 2012
Pindahan daripada hartanah, loji dan peralatan (Nota 19)
Caj bagi tahun kewangan
Pada 31 Disember 2012
Nilai buku bersih pada 31 Disember 2012
2,159
463
2,622
40,378
380
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
20
(b)
Melalui anugerah pampasan bertulis bertarikh 31 Disember 2013, Kerajaan Negeri Perlis bersetuju untuk membayar sebanyak
RM43.04 juta sebagai pampasan bagi pengambilalihan wajib ke atas Lot 194 Mukim Chuping, Perlis daripada sebuah anak syarikat
milik Syarikat. Hasilnya, keuntungan daripada pelupusan berjumlah RM4,508,000 diiktiraf.
(ii)
Pada 31 Disember 2013, nilai saksama tanah pegangan pajakan berjumlah RM1,622,000 dirosot nilai sepenuhnya berdasarkan
kepada saiz kawasan tanah, kekangan penggunaan dan kemungkinan pihak lain boleh mengkomersialkan hartanah tersebut.
21
17
13
3-5
18
14
381
21
5,749
1,824
(1,608)
5,965
2012
Pada 1 Januari 2012
Tambahan
Caj pelunasan
Pada 31 Disember 2012
Jangkaan baki hayat berguna (tahun)
- 31 Disember 2013
- 31 Disember 2012
(a) Ujian rosot nilai bagi muhibah
Muhibah diperuntukkan kepada unit-unit penjanaan tunai (CGU) seperti berikut:
6,217
(468)
5,749
Kumpulan
2013
2012
RM000 RM000
Operasi perniagaan gula di Seberang Prai, Malaysia
576,240
576,240
127,238
Estet perladangan di Lahad Datu, Sabah
703,478
576,240
(i)
Muhibah yang berkaitan dengan pengambilalihan perniagaan gula oleh Kumpulan dan diperuntukkan kepada Malayan Sugar
Manufacturing Company Berhad. Ini mewakili tahap terendah di mana muhibah dipantau bagi tujuan pengurusan dalaman.
Nilai boleh diperoleh semula CGU ditentukan berdasarkan kepada nilai saksama tolak kos untuk menjual menggunakan unjuran
aliran tunai berdasarkan bajet kewangan yang diluluskan oleh para Pengarah yang meliputi tempoh tiga tahun dan menggunakan
kadar pertumbuhan berganda nilai terminal dengan menggunakan kadar pertumbuhan mampan jangka panjang.
382
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
21
Andaian utama bagi pengiraan nilai saksama tolak kos untuk menjual bagi CGU adalah:
2013
2012
Margin kasar
Kadar pertumbuhan nilai terminal
Kadar diskaun
18%-19%
1%
10%
20%-22%
2%
9%
(i)
Margin kasar
Asas yang digunakan untuk menentukan nilai yang diperuntukkan kepada margin kasar yang dibajet adalah purata margin
kasar yang dicapai pada tahun sebaik sahaja sebelum bajet tahun kewangan yang diperuntukkan, dilaraskan mengikut
keadaan pasaran dan ekonomi, yang meliputi jangkaan harga gula mentah di bawah kontrak jangka panjang, subsidi yang
diterima daripada Kerajaan Malaysia di lokasi tertentu dan jangkaan peningkatan kecekapan.
(ii) Kadar pertumbuhan nilai terminal
Kadar pertumbuhan terminal digunakan adalah berdasarkan kadar pertumbuhan jangka panjang dalam industri gula di
Malaysia.
Pihak Pengurusan percaya bahawa tidak ada perubahan berlaku dalam mana-mana andaian utama di atas yang boleh menyebabkan
jumlah bawaan CGU melebihi jumlah boleh diperoleh semula.
(ii)
Jumlah boleh diperoleh semula CGU ditentu menggunakan pengiraan aliran tunai didiskaun dengan menggunakan unjuran aliran
tunai berasaskan bajet kewangan yang diluluskan oleh para Pengarah. Andaian utama tersebut adalah seperti berikut:
Muhibah yang timbul daripada gabungan perniagaan dengan Pontian United Plantations Berhad (PUP) merupakan manfaat
ekonomi daripada sinergi antara ladang-ladang PUP dan kilang dan loji penapisan Kumpulan di Lahad Datu, Sabah. Kedua-dua
pihak akan mendapat manfaat dari segi peningkatan pengilangan dan penapisan, penjimatan kos pengangkutan dan tenaga kerja
dan pertukaran pengurusan bagi kedua-dua pihak. Oleh itu, muhibah telah diperuntukkan kepada CGU perladangan Malaysia dan
diuji sebagai satu unit penjanaan tunai.
(i)
Harga MSM
(ii)
Harga BTS
(iii) Kos tetap penanaman
semula estet
Matang RM3,270 setiap hektar berasaskan kepada kitaran 25 tahun bagi kelapa sawit.
Tidak matang RM9,414 (setiap hektar berasaskan kepada kitaran 25 tahun bagi kelapa
sawit)
(iv) Kadar pertumbuhan nilai
terminal
Kadar diskaun digunakan sebanyak 9.47% menggambarkan risiko industri yang khusus
berkaitan dengan perniagaan kelapa sawit, berasaskan sebelum cukai.
(v)
Kadar diskaun
Pihak Pengurusan percaya bahawa tidak ada perubahan berlaku dalam mana-mana andaian utama di atas yang boleh menyebabkan
jumlah bawaan CGU melebihi jumlah boleh diperoleh semula.
383
21
22
Ujian rosot nilai ke atas aset tidak nyata selain daripada muhibah
(i)
Kumpulan menguji perisian dan aset tidak nyata di bawah pembangunan bagi rosot nilai jika terdapat bukti objektif untuk rosot nilai.
Taksiran rosot nilai memerlukan anggaran jumlah boleh diperoleh semula CGU yang berkaitan dengan aset tersebut. Jumlah boleh
diperoleh semula ditentu berasaskan kepada pengiraan nilai saksama tolak kos untuk menjual.
Hasil taksiran rosot nilai, tiada rosot nilai yang diiktiraf sebagai jumlah yang boleh diperoleh semula CGU melebihi jumlah bawaan.
(ii)
Pada tahun terdahulu, berikutan peningkatan dalam prestasi kewangan, penilaian semula jumlah boleh peroleh semula telah
dijalankan ke atas operasi perniagaan asid lelemak di AS. Penaksiran tersebut memerlukan anggaran nilai dalam kegunaan CGU
di mana hartanah, loji dan peralatan dan aset tidak nyata berhubung operasi perniagaan asid lelemak di AS diperuntukkan. Ini
menghasilkan pembalikan rosot nilai sebanyak RM23,878,000.
270,026
270,026
283,900
3,536,008
1,567,612
500
283,400
-
32,081
5,419,601
283,900
384
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
2,322,334
1,719,917
-
-
(12,391)
1,338,532
(620,759)
(115,356)
2,309,943
2,322,334
15,600
-
-
11,937
13,476
(9,813)
15,600
15,600
8,024,403
385,751
2,901,093
371,864
Pada 16 Januari 2013, Syarikat melanggan sebanyak 9,999,998 saham biasa berharga RM1.00 sesaham daripada Felda Global Ventures
Research and Development Sdn. Bhd. (FGV R&D)), sebuah anak syarikat milik penuh Syarikat, dengan bayaran tunai sebanyak
RM9,999,998.
Pada 5 Ogos 2013, Syarikat melanggan sebanyak 2,499,998 saham biasa berharga RM1.00 sesaham daripada Felda Global Ventures
Downstream Sdn. Bhd. (FGVD), sebuah anak syarikat milik penuh Syarikat, dengan bayaran tunai sebanyak RM2,499,998.
Pada 14 November 2013, Syarikat melanggan 73,206,521 saham biasa berharga RM1.00 setiap satu Felda Global Ventures Downstream
Sdn. Bhd. (FGVD), sebuah anak syarikat milik penuh Syarikat, dengan pertimbangan tunai berjumlah RM50,000,000 dan melalui
penukaran jumlah yang belum dibayar oleh FGVD sebanyak RM23,206,521.
Pada 18 Disember 2013, Syarikat melanggan 9,774,529 saham biasa berharga RM1.00 setiap satu daripada Felda Global Ventures
Plantation Sdn. Bhd. (FGVP), sebuah anak syarikat milik penuh Syarikat, dengan pertimbangan tunai berjumlah RM900,000 dan melalui
penukaran jumlah belum dibayar oleh FGVP sebanyak RM8,874,529.
Pada 18 Disember 2013, Syarikat telah melanggan sebanyak 68,767,229 saham biasa berharga RM1.00 setiap satu daripada FGVD, dengan
pertimbangan tunai berjumlah RM68,767,229.
385
22
Pada 12 April 2012, Syarikat memindahkan 329,949,500 RCPS A, 570,590,000 RCCPS A dan 322,057,400 RCCPS B miliknya dalam Felda
Global Ventures North America Sdn. Bhd. (FGVNA), sebuah anak syarikat milik penuh Syarikat, berjumlah RM1,213,210,174 kepada
FGVD bagi menebus sepenuhnya 329,949,500 RCPS A, 570,590,000 RCCPS A dan 322,057,400 RCCPS B berharga RM0.01 setiap satu yang
dipegang oleh FGVD berjumlah RM519,510,174, berikutan pelupusan 100% kepentingan ekuiti FGVNA kepada FGVD.
Pada 12 April 2012, Syarikat memindahkan 102,274,300 RCCPS C miliknya dalam Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK),
sebuah anak syarikat milik penuh Syarikat, berjumlah RM101,249,063 kepada FGVP untuk menebus sepenuhnya 102,274,300 RCCPS C
berharga RM0.01 setiap satu yang dipegang oleh FGVP berjumlah RM101,249,063, berikutan pelupusan 100% kepentingan ekuiti FGVK
kepada FGVP.
(a)
Tempat
perniagaan/
negara
Bentuk
Nama anak syarikat
diperbadankan perniagaan
Anak-anak syarikat langsung
Nisbah saham
Nisbah saham
biasa dipegang
Nisbah biasa dipegang
Nisbah
secara
saham biasa oleh kepentingan
RCPS/RCCPS
langsung
dipegang oleh
pihak tidak
dipegang oleh
oleh FGVH
Kumpulan
mengawal
Kumpulan
2013 2012 2013 2012 2013 2012 2013 2012
% % % % % % % %
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
-
-
-
100.0
51.0
100.0
-
49.0
-
-
49.0
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
-
-
-
-
-
-
-
-
30.0
-
-
-
-
386
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
Nisbah saham
Nisbah saham
biasa dipegang
Nisbah biasa dipegang
Nisbah
secara
saham biasa oleh kepentingan
RCPS/RCCPS
langsung
dipegang oleh
pihak tidak
dipegang oleh
oleh FGVH
Kumpulan
mengawal
Kumpulan
2013 2012 2013 2012 2013 2012 2013 2012
% % % % % % % %
100.0
-
Amerika
Syarikat
Kanada
Pegangan pelaburan
100.0
100.0
Pegangan pelaburan
100.0
100.0
Amerika
Syarikat
Perolehan, pemprosesan
dan bekalan asid lelemak
100.0
100.0
387
22
Nisbah saham
Nisbah saham
biasa dipegang
Nisbah biasa dipegang
Nisbah
secara
saham biasa oleh kepentingan
RCPS/RCCPS
langsung
dipegang oleh
pihak tidak
dipegang oleh
oleh FGVH
Kumpulan
mengawal
Kumpulan
2013 2012 2013 2012 2013 2012 2013 2012
% % % % % % % %
100.0
100.0
100.0
100.0
- -
100.0
100.0
100.0
100.0
100.0
100.0
Indonesia
95.0
95.0
5.0
5.0
Malaysia
Pegangan pelaburan
100.0
388
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
Tempat
perniagaan/
negara
Bentuk
Nama anak syarikat
diperbadankan perniagaan
Anak syarikat tidak langsung (Samb.)
Nisbah saham
Nisbah saham
biasa dipegang
Nisbah biasa dipegang
Nisbah
secara
saham biasa oleh kepentingan
RCPS/RCCPS
langsung
dipegang oleh
pihak tidak
dipegang oleh
oleh FGVH
Kumpulan
mengawal
Kumpulan
2013 2012 2013 2012 2013 2012 2013 2012
% % % % % % % %
-
-
-
-
-
-
-
-
72.0
28.0
76.9
23.1
100.0
100.0
100.0
389
22
Nisbah saham
Nisbah saham
biasa dipegang
Nisbah biasa dipegang
Nisbah
secara
saham biasa oleh kepentingan
RCPS/RCCPS
langsung
dipegang oleh
pihak tidak
dipegang oleh
oleh FGVH
Kumpulan
mengawal
Kumpulan
2013 2012 2013 2012 2013 2012 2013 2012
% % % % % % % %
100.0
80.0
20.0
72.7
27.3
71.4
28.6
51.0
49.0
51.0
49.0
51.0
49.0
-
-
-
-
-
-
65.0
100.0
51.0
-
-
-
35.0
-
49.0
-
-
-
-
-
-
48.0
52.0
60.0
40.0
72.0
28.0
36.7
63.3
72.0
28.0
72.0
28.0
390
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
Nisbah saham
Nisbah saham
biasa dipegang
Nisbah biasa dipegang
Nisbah
secara
saham biasa oleh kepentingan
RCPS/RCCPS
langsung
dipegang oleh
pihak tidak
dipegang oleh
oleh FGVH
Kumpulan
mengawal
Kumpulan
2013 2012 2013 2012 2013 2012 2013 2012
% % % % % % % %
Malaysia
Tidak aktif
48.0
52.0
51.0
49.0
36.4
63.6
50.0
50.0
71.4
28.6
86.1
13.9
70.1
29.9
72.7
27.3
72.7
27.3
Malaysia
Allied Engineering Consultancy
Services Sdn. Bhd. *
Felda Properties Sdn. Bhd.
Malaysia
Felda Construction Sdn. Bhd.
Malaysia
Penyediaan perkhidmatan
rundingan kejuruteraan
Pengurusan projek
hartanah FELDA
Tidak aktif
51.0
49.0
51.0
49.0
51.0
49.0
Tidak aktif
100.0
Malaysia
391
22
(b)
30% kepentingan ekuiti dalam Sabahanya Plantations Sdn. Bhd. dipegang sebagai amanah oleh Vincent Kerosah untuk kepentingan
benefisial Kumpulan.
Pada 17 April 2013, Felda Global Ventures Downstream Sdn. Bhd. (FGVD), anak syarikat kepada Syarikat, telah memperbadankan
sebuah anak syarikat milik penuh dikenali sebagai FGV Biotechnologies Sdn. Bhd. (FGV Bio) di Malaysia dengan modal berbayar
permulaan sebanyak RM2.00.
Pada 13 Mei 2013, Syarikat telah memperbadankan sebuah anak syarikat milik penuh dikenali sebagai Felda Global Ventures Capital
Sdn. Bhd. (FGV Capital) di Malaysia dengan modal berbayar permulaan sebanyak RM2.00.
Pada 23 Mei 2013, Syarikat telah memperbadankan sebuah anak syarikat milik penuh dikenali sebagai FGV Investment (L) Pte Ltd
(FGV Investment) di Wilayah Persekutuan Labuan, Malaysia dengan modal berbayar diterbitkan sebanyak USD1.00.
Pada 28 Mei 2013, FGV Investment telah memperbadankan sebuah anak syarikat milik penuh dikenali sebagai FGV Myanmar (L) Pte
Ltd (FGV Myanmar) di Wilayah Persekutuan Labuan, Malaysia dengan modal berbayar diterbitkan sebanyak USD1.00.
Pada 20 September 2013, Syarikat memperoleh kawalan dalam Pontian United Plantations Berhad (PUP), syarikat yang
diperbadankan di Malaysia. Pengambilalihan 100% kepentingan ekuiti telah diselesaikan pada 1 Oktober 2013 dengan pertimbangan
tunai sebanyak RM1,203,840,576. Rujuk kepada Nota b(i) berhubung kesan pengambilalihan PUP.
Pada 18 November 2013, Syarikat telah memeterai perjanjian dengan Koperasi Permodalan Felda Malaysia Berhad (KPF)
untuk mengambilalih 112,199,999 saham dalam syarikat bersekutunya, Felda Holdings Bhd. (FHB) yang merupakan baki 51%
kepentingan ekuiti dalam FHB daripada KPF dengan pertimbangan pembelian berjumlah RM2,200,000,000. Pengambilalihan ini
telah diselesaikan pada 27 Disember 2013. Rujuk kepada Nota b(ii) berhubung kesan pengambilalihan FHB.
Pada 16 Disember 2013, FGVD telah memeterai Perjanjian Jual Beli (SPA) dengan para pemegang saham Cambridge Nanosystems
Limited (CNL) untuk mengambilalih 70% kepentingan ekuiti dalam CNL untuk jumlah pertimbangan sebanyak GBP 10.0 juta
(RM54.13 juta). Pada 31 Disember 2013, Kumpulan telah membayar GBP4 (RM22) dan memperoleh kawalan ke atas CNL. Rujuk
kepada Nota (d) untuk butir-butir lanjut.
(i)
Nilai bawaan
Nilai saksama
RM000
RM000
Hartanah, loji dan peralatan
147,721
766,625
Kepentingan dalam syarikat-syarikat bersekutu
12,345
46,075
Aset biologi
58,498
453,042
Inventori
5,874 5,874
Belum terima
6,305
6,305
Cukai diperoleh semula
4,196
4,196
Jumlah belum terima daripada syarikat-syarikat bersekutu
4,270
4,270
Aset kewangan pada nilai saksama melalui keuntungan atau kerugian
7,769
7,19
Tunai dan kesetaraan tunai
205,895
205,895
Belum bayar
(23,578)
(23,578)
Liabiliti cukai tertunda
(20,661)
(209,113)
Jumlah aset bersih diambilalih
408,634
1,266,790
Kepentingan pihak tidak mengawal
(21,137)
(190,187)
387,497
1,076,603
392
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
1,203,841
(1,076,603)
127,238
Kumpulan mengiktiraf kepentingan pihak mengawal bukan semasa dalam PUP mengikut bahagian saham kepentingan pihak tidak
mengawal daripada jumlah aset bersih PUP yang boleh dikenalpasti.
Kesan pengambilalihan PUP ke atas keputusan kewangan Kumpulan pada tahun ini ditunjukkan di bawah:
RM000
Perolehan 51,315
Kos jualan
(32,847)
Keuntungan kasar
18,468
Pendapatan operasi lain
6,192
Perbelanjaan pentadbiran
(4,797)
Pendapatan kewangan
3,605
Bahagian keputusan syarikat-syarikat bersekutu
(2)
Keuntungan sebelum cukai
23,466
Cukai
(5,609)
Keuntungan selepas cukai
17,857
Kesan pengambilalihan PUP ke atas keputusan kewangan Kumpulan pada tahun kewangan ini sekiranya pengambilalihan berlaku
pada awal tahun kewangan ini ditunjukkan di bawah:
RM000
Perolehan 201,700
(142,262)
Kos jualan
Keuntungan kasar
59,438
Pendapatan operasi lain
9,577
Perbelanjaan pentadbiran
(31,588)
Bahagian keputusan syarikat-syarikat bersekutu
(8)
Keuntungan sebelum cukai
37,419
Cukai
(22,436)
Keuntungan selepas cukai
14,983
393
22
Nilai
saksama
RM000
Nilai bayar
sementara
RM000
2,267,710
40,404
34,172
42,989
172,195
367,119
41,717
211,575
55,197
969,649
75,539
622,449
48,852
269,464
176,265
37
7,763
1,656,592
(771,315)
(99,580)
(299,384)
(1,098,736)
(7,615)
(167,830)
(27,000)
(16,026)
3,174,282
40,404
129,628
42,989
330,139
389,811
41,717
211,575
130,239
969,649
79,965
622,449
48,852
269,464
176,265
37
7,763
1,656,592
(771,315)
(99,580)
(299,384)
(1,098,736)
(7,615)
(350,303)
(27,000)
(16,026)
4,572,202
(955,215)
5,651,861
(1,272,853)
3,616,987
4,379,008
1,132,600
1,067,400
2,200,000
(1,656,592)
Aliran keluar tunai bersih daripada pengambilalihan
543,408
394
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
RM000
2,113,958
(1,867,356)
16,678
Keuntungan daripada pengukuran semula nilai saksama
263,280
Muhibah negatif daripada pengambilalihan adalah seperti berikut:
Pertimbangan bayaran bagi 51% kepentingan ekuiti
Nilai saksama 49% kepentingan ekuiti sedia ada
RM000
2,200,000
2,113,958
Nilai saksama sementara aset bersih diambilalih
4,313,958
(4,379,008)
Muhibah negatif
(65,050)
Kumpulan mengiktiraf kepentingan pihak mengawal bukan semasa dalam FHB pada nisbah kepentingan pihak tidak mengawal
daripada jumlah aset bersih diiktiraf yang boleh dikenal pasti di FHB.
Sebelum pengambilalihan diselesaikan pada 27 Disember 2013, keputusan kewangan FHB diakaunkan secara ekuiti sebagai
bahagian keputusan syarikat bersekutu dalam penyata pendapatan komprehensif. Kesan keputusan selepas pengambilalihan
terhadap penyata pendapatan komprehensif adalah tidak material kepada keputusan Kumpulan bagi tahun kewangan 31 Disember
2013.
Berdasarkan kepada FRS 3 Gabungan Perniagaan Kumpulan mempunyai tempoh selama satu tahun dari tarikh pengambilalihan
untuk menyelesaikan peruntukan harga pembelian (PPA) dan telah memilih opsyen ini.
Tiada liabiliti luar jangka diiktiraf kerana kes perundangan diiktiraf sebagai terpencil dan terdapat tanggungan kerugian selama 5
tahun secara nisbah disediakan oleh penjual sebagai sebahagian daripada pengambilalihan FHB.
395
22
1,004,774
74,064
(164,183)
(513,381)
(78,097)
(13,551)
11,992
19,226
42,556
Keuntungan sebelum cukai
Zakat
Cukai
383,400
(9,642)
(128,599)
245,159
Operasi diberhentikan
Kerugian bagi tahun kewangan daripada operasi diberhentikan
(34,661)
210,498
(c)
Nilai saksama
RM000
3,900
35,553
39,453
36,922
39,453
(2,531)
396
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
(c)
RM000
46,687
(43,647)
3,040
2,943
(4,978)
1,005
387
1,392
Oleh kerana loji tersebut tidak aktif, tiada kesan jika pengambilalihan tersebut berlaku pada awal tahun kewangan.
(d)
(d)
Perbadanan, pengambilalihan dan pembubaran anak syarikat pada tahun kewangan lepas
Pada 6 Januari 2012, Syarikat telah memperbadankan Felda Global Ventures Plantations Sdn. Bhd. (FGV Plantations), sebuah
syarikat persendirian dengan liabiliti terhad, diperbadankan dan beroperasi di Malaysia.
Pada 6 Januari 2012, Syarikat telah memperbadankan Felda Global Ventures Downstream Sdn. Bhd. (FGV Downstream), sebuah
syarikat persendirian dengan liabiliti terhad, diperbadankan dan beroperasi di Malaysia.
Pada 6 Januari 2012, FGV Plantations telah memperbadankan Felda Global Ventures Plantations (Malaysia) Sdn. Bhd. (FGVPM),
syarikat persendirian dengan liabiliti terhad, diperbadankan dan beroperasi di Malaysia.
Pada 17 Februari 2012, Syarikat telah memperbadankan Pakatan Mastiara Sdn. Bhd., sebuah syarikat persendirian dengan liabiliti
terhad, diperbadankan dan beroperasi di Malaysia. Pada 28 Mac 2012, syarikat tersebut telah menukar namanya kepada Felda Global
Ventures Shared Services Centre Sdn. Bhd. (FGV SSC).
Pada 12 April 2012, Syarikat telah memeterai Perjanjian Jual Beli dengan FGV Downstream, sebuah anak syarikat milik penuh, untuk
melupuskan 100% kepentingannya dalam saham biasa dalam Felda Global Ventures North America Sdn. Bhd. (FGVNA) untuk
pertimbangan tunai berjumlah RM632,100,038, yang menghasilkan keuntungan daripada pelupusan sebanyak RM2,227,760 kepada
Syarikat. Urus niaga ini telah diselesaikan pada 9 Mei 2012.
Pada 12 April 2012, Syarikat telah memeterai Perjanjian Jual beli dengan FGV Plantations, sebuah anak syarikat milik penuh, untuk
melupuskan 100% kepentingan ekuitinya dalam saham biasa adalah Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK) untuk
pertimbangan tunai berjumlah RM188,583,121, yang menghasilkan kerugian daripada pelupusan sebanyak RM6,756,146 kepada
Syarikat. Urus niaga ini telah diselesaikan pada 9 Mei 2012.
397
22
(d)
Perbadanan, pengambilalihan dan pembubaran anak syarikat pada tahun kewangan lepas (Samb.)
Pada 20 Jun 2012, Twin Rivers Technologies Holdings Inc (TRT Holdings) telah memindahkan 100% kepentingan ekuiti yang
mewakili 6,882 saham biasa dalam Twin Rivers Technologies Holdings Enterprises de Transformation de Graines Oleagineuses Inc
(TRT Holdings ETGO Inc) kepada FGVNA dengan pertimbangan tunai CAD1.00.
Pada 20 Jun 2012, Twin Rivers Technologies US Inc (TRT US) telah bergabung ke dalam TRT Holdings. Berikutan penggabungan
tersebut, pegangan saham FGVNA dalam TRT Holdings, yang merupakan 117,646 Stok Biasa Kelas A dan 80,000 stok biasa Kelas B
telah ditukar kepada stok biasa satu kelas.
Pada 25 September 2012, Syarikat telah mengambilalih 100% kepentingan ekuiti dalam Rias Simfoni Sdn. Bhd., sebuah syarikat yang
diperbadankan di Malaysia, dengan pertimbangan tunai sebanyak RM2. Pada 10 Oktober 2012, Syarikat telah menukar namanya
kepada Felda Global Ventures Research & Development Sdn. Bhd. (FGV R&D). Tiada kesan kewangan yang timbul kerana syarikat
tersebut tidak aktif.
Pada tahun kewangan lepas, Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK), anak syarikat kepada Syarikat, memeterai
perjanjian untuk mengambil alih 95% kepentingan dalam PT. Citra Niaga Perkasa daripada Joko Sintrajaya dengan pertimbangan
berjumlah RM16,500,000, yang akan diselesaikan apabila menerima kelulusan daripada pihak berkuasa berkaitan di Indonesia.
Pengambilalihan tersebut telah diselesaikan pada 27 Februari 2012.
Kesan pengambilalihan PT. Citra Niaga Perkasa boleh diringkaskan seperti di bawah:
Aset tidak nyata (Nota 21)
Tunai dan kesetaraan tunai
Belum terima
Belum bayar
Jumlah aset bersih diambilalih
Kepentingan pihak tidak mengawal
Nilai saksama aset bersih diambilalih (tolak kepentingan pihak tidak mengawal)
Pertimbangan pembelian
Muhibah daripada pengambilalihan
Nilai bawa/
Nilai saksama
RM000
15,837
16
767
(85)
16,535
(35)
16,500
(16,500)
RM000
16,500
(825)
(16)
15,659
(5,775)
9,884
Kesan pengambilalihan PT. Citra Niaga Perkasa ke atas keputusan Kumpulan pada tahun kewangan, jika pengambilalihan tersebut
berlaku pada awal tahun kewangan ditunjukkan di bawah:
Perbelanjaan operasi
Kerugian selepas cukai
RM000
(1,219)
(1,219)
398
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
(e)
RM000
5,842,694
54,690
5,897,384
(695,262)
(1,891,544)
(24,164)
(8,103)
(306)
(2,619,379)
Liabiliti
Pemiutang dagangan dan pemiutang lain
Liabiliti cukai tertunda
Jumlah belum bayar kepada lain-lain syarikat berkaitan
Jumlah liabiliti
Tolak: Kesan cukai tertunda timbul daripada liabiliti LLA
Jumlah diiktiraf dalam rizab penyusunan semula pada 31 Disember 2012 (Nota40)
123,969
17,874
129,794
271,637
3,549,642
(1,460,673)
2,088,969
Keputusan estet perladangan yang telah diambil kira dalam penyata pendapatan komprehensif di bawah kaedah perakaunan terdahulu
adalah seperti berikut:
Perolehan
Kos jualan
Keuntungan kasar
Pendapatan operasi lain
Perbelanjaan pentadbiran
Pendapatan kewangan
Kos kewangan
Cukai
Keuntungan bagi tahun kewangan
Kumpulan
2012
RM000
2,709,446
(1,600,756)
1,108,690
4,602
(117,698)
4,447
(620)
(263,412)
736,009
399
22
(e)
Kumpulan
2012
RM000
727,969
9,928
1,892,555
80,869
14,739
1,161
83,371
783,601
(19,036)
(19,243)
(202,050)
(100,000)
3,253,864
LLA dianggap berkuatkuasa bermula dari 1 Januari 2012 menurut pengaturan berkontrak LLA dan kesan LLA tersebut kepada rizab
penyusunan semula adalah seperti berikut:
Rizab penyusunan semula pada 1 Januari 202 sebelum kesan LLA
2,347,742
Kesan LLA:
- Liabiliti LLA
- Jumlah belum bayar kepada pemegang saham penting
- Aset cukai tertunda
(5,842,694)
(54,690)
1,460,673
Rizab penyusunan semula pada 1 Januari 2012, seperti dinyatakan semula
RM000
(4,436,711)
(2,088,969)
LLA dianggap berkuatkuasa bermula dari 1 Januari 2012 menurut pengaturan berkontrak LLA dan kesannya adalah seperti berikut:
Liabiliti LLA
Jumlah belum bayar kepada pemegang saham penting
Aset cukai tertunda
Pelarasan kepada rizab penyusunan semula
RM000
5,842,694
54,690
(1,460,673)
4,436,711
400
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
22
(f)
(g)
Ringkasan maklumat kewangan mengenai anak syarikat dengan kepentingan pihak untuk mengawal yang material
Dibentangkan di bawah ini adalah ringkasan maklumat kewangan bagi setiap anak syarikat yang mempunyai kepentingan pihak tidak
mengawal yang material kepada Kumpulan.
Ringkasan penyata kedudukan kewangan
Semasa
Aset
Liabiliti
Jumlah aset bersih semasa
759,173
576,353
Bukan semasa
Assets
Liabiliti
Jumlah aset bersih bukan semasa
Aset bersih
1,048,520
989,973
1,757,320
1,856,197
1,749,146
2,333,673
401
22
(g)
Ringkasan maklumat kewangan mengenai anak syarikat dengan kepentingan pihak tidak mengawal material (Samb.)
2,301,319
358,906
(104,328)
254,677
-
285,159
(83,131)
202,028
-
254,677
202,028
72,337
65,447
435,380
-
(17,481)
(88,149)
171,993
(290)
(16,580)
(88,777)
329,750
66,346
(72,930)
(27,792)
(584,223)
28,085
(327,403)
594,555
66,639
527,916
267,152
594,555
402
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
23
1,775,226
(207,614)
(1,567,612)
1,775,226
-
1,775,226
-
-
207,614
1,567,612
1,775,226
530,089
Pada 28 Februari 2013, Syarikat melupuskan 20% kepentingan ekuitinya dalam Tradewinds (M) Berhad untuk pertimbangan berjumlah
RM551.43 juta, yang menghasilkan keuntungan daripada pelupusan berjumlah RM26.67 juta bagi Kumpulan dan RM343.82 juta bagi
Syarikat.
Pada 27 Disember 2013, Syarikat mengambilalih baki 51% kepentingan ekuiti dalam Felda Holdings Berhad (FHB) untuk pertimbangan
pembelian berjumlah RM2.20 bilion. Sehubungan itu, kepentingan berkesan Syarikat dalam FHB meningkat daripada 49% kepada 100%
dan FHB menjadi anak syarikat milik penuh.
Ringkasan maklumat kewangan berhubung bahagian hasil, keuntungan, aset dan liabiliti syarikat bersekutu dibentangkan di bawah:
Kumpulan
2013
2012
RM000 RM000
Perolehan
16,873,944
25,940,370
Bahagian keputusan Kumpulan bagi tahun kewangan
83,368
201,079
619,637
403
23
Tempat
perniagaan/
negara
diperbadankan
Malaysia
Malaysia
Kepentingan
berkesan
Kumpulan
2013
2012
%
%
-
-
Bentuk
perhubungan
Kaedah
pengukuran
49.0
20.0
Nota 1
Nota 2
Perakaunan ekuiti
Perakaunan ekuiti
-
-
-
-
-
Nota 3
Nota 4
Nota 5
Nota 6
Nota 7
Perakaunan ekuiti
Perakaunan ekuiti
Perakaunan ekuiti
Perakaunan ekuiti
Perakaunan ekuiti
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
30.0
30.0
21.6
7.3
34.33
Pegangan pelaburan
Penyediaan perkhidmatan pengurusan dan pegangan pelaburan
Pegangan pelaburan
Pengurusan sebuah institut pendidikan
Perkilangan dan penjualan pelunturan tanah yang diaktif
Di bawah pembubaran
Pegangan pelaburan dan penanaman kelapa sawit
Syarikat bersekutu di atas adalah syarikat-syarikat persendirian dan tidak mempunyai harga yang disebut di pasaran bagi saham-sahamnya.
Tiada liabiliti luar jangka yang penting berkaitan dengan kepentingan Kumpulan dalam syarikat bersekutu.
Ringkasan maklumat kewangan bagi syarikat bersekutu
Dibentangkan di bawah ringkasan maklumat kewangan bagi Felda Holdings Bhd. (FHB) dan Tradewinds (M) Berhad (Tradewinds) yang
diambil kira menggunakan kaedah ekuiti.
Ringkasan penyata kedudukan kewangan
FHB
Tradewinds
Tidak ketara dalam agregat
Jumlah
Semasa
Tunai dan bersamaan tunai
Aset semasa lain
(tidak termasuk tunai)
Jumlah aset semasa
Liabiliti kewangan (tidak termasuk
perdagangan belum bayar)
Liabiliti semasa lain (termasuk
perdagangan belum bayar)
Jumlah liabiliti semasa
1,788,036
834,194
43,299
43,299
2,622,230
2,893,989
2,846,416
348,678
348,678
5,740,405
4,682,025
3,680,610
391,977
391,977
8,362,635
(2,620,329)
(2,060,121)
(38,680)
(38,680)
(4,680,450)
(370,499)
(249,529)
(64,121)
(64,121)
(620,028)
(2,990,828)
(2,309,650)
(102,801)
(102,801)
(5,300,478)
404
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
23
- 3,195,260
- 4,574,587 403,123
- 403,123 7,769,847
-
(125,632)
- (187,957)
-
(1,936,696)
(40,902)
- (462,984)
-
-
(40,902)
(2,062,328)
-
- (650,941)
(2,399,680)
(40,902)
(40,902)
(2,713,269)
3,545,867
651,397
651,397
8,118,735
(313,589)
4,572,868
76,863
173,279
21,831
76,863
195,110
Maklumat di atas menggambarkan jumlah yang dibentangkan dalam penyata kewangan syarikat-syarikat bersekutu (dan bukan bahagian Kumpulan daripada jumlah tersebut)
dilaraskan bagi perbezaan dalam dasar perakaunan antara Kumpulan dan syarikat-syarikat bersekutu.
405
23
Jumlah
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Aset bersih pembukaan
3,820,938 3,865,860 2,570,232 2,469,625
-
-
-
- 6,391,170 6,335,485
Pengambilalihan
anak syarikat
- - - -
478,334 -
739,490 -
1,217,824 Keuntungan bagi tempoh
210,497
484,198
52,322
313,934 - - - -
262,819
798,132
Kerugian komprehensif
(1,881)
lain (8,851) (980) (150) (901) - - - - (9,001)
Kepentingan pihak
(50,050)
(96,105)
(17,772)
(106,630)
-
-
-
-
(67,822)
(202,735)
tidak mengawal
Dividen
(156,863)
(353,631) -
(109,153) - - - -
(156,863)
(462,784)
Pelarasan nilai
(41,892)
(41,892)
4,730
28,370 - - - -
(37,162)
(13,522)
saksama
Pelupusan
(3,808,172) -
(2,608,468) - - - - -
(6,416,640) Lain-lain 34,393
(36,512)
(894)
(25,013) - - - -
33,499
(61,525)
Aset bersih penutup
- 3,820,938
- 2,570,232 478,334
- 739,490
- 1,217,824 6,391,170
Kepentingan dalam
syarikat-syarikat
bersekutu
-
49%
-
20%
21.6%
-
20%-30%
-
-
Nilai bawaan
-
1,872,260
- 514,046 103,320
- 267,743
- 371,063
2,386,306
Bahagian kerugian tidak
diiktiraf
24
- - - - - - - - - -
-
-
131,831
(131,831)
Pada 21 Mei 2012, Syarikat telah menjual usahasamanya, Felda Iffco Sdn. Bhd. (FISB) kepada Felda Global Ventures Downstream Sdn. Bhd.
(FGVD), anak syarikat kepada Syarikat, untuk pertimbangan jualan sebanyak RM94,941,000 yang menyebabkan kerugian daripada pelupusan
sebanyak RM36,890,000.
406
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
24
2013
2012
RM000 RM000
173,345
204,611
2013
2012
RM000 RM000
8,787,684
7,631,763
(85,596)
(60,676)
Bentuk
perhubungan
Kaedah
pengukuran
Malaysia
50.0
50.0
Nota 1
Perakaunan ekuiti
Malaysia
50.0
50.0
Nota 2
Perakaunan ekuiti
Malaysia
50.0
50.0
Nota 3
Perakaunan ekuiti
Canada
49.0
Nota 4
Perakaunan ekuiti
Canada
49.0
Nota 5
Perakaunan ekuiti
Malaysia
50.0
Nota 6
Perakaunan ekuiti
Hong Kong
Pakistan
45.0
Nota 8
Perakaunan ekuiti
30.0
Nota 9
Perakaunan ekuiti
Malaysia
50.0
Nota 10
Perakaunan ekuiti
Malaysia
30.0
Nota 11
Perakaunan ekuiti
407
24
Bentuk
perhubungan
Kaedah
pengukuran
Nota 12
Perakaunan ekuiti
Malaysia
40.0
Nota 13
Perakaunan ekuiti
Malaysia
36.7
Nota 14
Perakaunan ekuiti
Kumpulan menganggap entiti ini sebagai usahasama, kerana perjanjian kerjasama memerlukan persetujuan sebulat suara bagi
keputusan kewangan dan operasi antara rakan kongsi.
Syarikat-syarikat usahasama di atas adalah syarikat persendirian dan tidak mempunyai harga pasaran yang disebut bagi saham-sahamnya.
Tiada liabiliti luar jangka berkaitan dengan kepentingan Kumpulan dalam usahasama.
24
Trurich
FPG
Jumlah
(38,013)
(140,559)
(140,359)
(200)
(137,294)
(1,689,018) (1,503,603)
(473,732)
(1,215,286) (1,366,309)
- 219,493 181,937
- (153,685) (53,898)
-
1,228,352 737,481
- (911,924) (796,128)
-
1,624,927
1,085,674
Aset Bersih
- 164,188
(244,411)
(206,398)
1,637,508
1,544,622
314,030
-
2,204,367
1,951,538
659,745
(162,355)
(162,166)
167,248
(45,720)
(23,810)
(189)
615,616
44,958
- 617,589 212,206
1,973
Liabiliti kewangan
Liabiliti lain
(43,818)
(32,538)
(21,910)
(1,342,286) (1,213,472)
(75,471)
(11,280)
256,436
Aset
Bukan Semasa
(138,669)
(1,203,617) (1,138,001)
45,829
1,241,208
1,210,721 160,790 123,228 590,163
88,718
333,727
976,063
77,399
1,032,220
72,072
234,658
208,988
Bunge Etgo
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
FISB
Semasa
Di bawah ini dibentangkan ringkasan maklumat kewangan bagi Felda Iffco Sdn. Bhd. (FISB), Trurich Resources Sdn. Bhd. (Trurich) dan FPG Oleochemicals Sdn. Bhd.
(FPG) yang diambil kira menggunakan kaedah ekuiti.
408
NOTA-NOTA KEPADA PENYATA KEWANGAN
24
Trurich
FPG
Bunge Etgo
Jumlah
94,688
(22,747)
(55,381)
-
59,658
-
27,360
(9,961)
-
-
(17,825)
(44,535)
46,474
(3,017)
- (62,360) 43,457
-
-
- (33,055) (85,278)
- - - - - - - - - - - -
Trurich
FPG
Bunge Etgo
Jumlah
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
FISB
- 219,496 243,266
-
1,159,598 671,543
- 107,553 89,397
- 547,564 333,577
- - - - - - - -
3,029 -
3,029 -
Nilai bawa
Penyesuaian ringkasan maklumat kewangan dibentangkan kepada jumlah bawa daripada kepentingannya dalam usahasama.
Maklumat di atas menggambarkan jumlah yang dibentangkan dalam penyata kewangan usahasama (dan bukan bahagian Kumpulan daripada jumlah tersebut) yang dilaraskan untuk perbezaan dalam
dasar perakaunan antara Kumpulan dan usahasama berkenaan.
Jumlah pendapatan/
(kerugian) komprehensif
(9,045)
(3,628)
(53,382)
732
(Kerugian)/keuntungan
selepas cukai daripada
operasi berterusan
(4,139)
611
(31,110)
(12,559)
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
FISB
Perolehan
Susut nilai dan pelunasan
Pendapatan faedah
Perbelanjaan faedah
(Kerugian)/keuntungan
daripada operasi berterusan
(Perbelanjaan)/pendapatan cukai
409
410
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
24
- Margin kasar
- Kadar pertumbuhan nilai terminal
- Kadar diskaun
2013 2012
1.3% - 11.5%
2.5% - 5%
11% - 16%
1.6% - 9.5%
3% - 5%
9% - 16%
Hasil penilaian rosot nilai, Kumpulan telah mengiktiraf kerugian rosot nilai sebanyak RM43,657,000 (2012:RM10,300,000) yang dicatatkan
unyung atau rugi bagi pelaburan dalam entiti kawalan bersama.
Berasaskan analisis sensitiviti yang dijalankan oleh Kumpulan, kesan peningkatan 1% dalam kadar diskaun yang digunakan, yang
merupakan andaian penting akan menyebabkan kerugian rosot nilai tambahan sebanyak lebih kurang RM12,281,000 (2012: RM27,286,000).
Pengurangan 1% dalam kadar pertumbuhan nilai terminal akan menyebabkan kerugian rosot nilai tambahan sebanyak lebih kurang
RM7,741,000 (2012: RM22,781,000).
(b)
Margin kasar
Kadar pertumbuhan terminal
Kadar diskaun
2013
10% - 62%
4.5%
15%
2012
29% - 46%
10%
Hasil penilaian rosot nilai, tiada rosot nilai yang diiktiraf (2012: Tiada) sebagai jumlah boleh diperoleh semula CGU yang melebihi jumlah
bawaan.
Pihak Pengurusan percaya bahawa tiada kemungkinan perubahan akan berlaku dalam sebarang andaian penting di atas yang akan
menyebabkan jumlah bawaan CGU melebihi jumlah boleh diperoleh semula.
411
25
925
40,404
925
-
41,329
925
210
150
140
70
360
210
Pelunasan terkumpul
Pada 1 Januari
Pelunasan
Pada 31 Disember
715
-
-
16,494
(16,494)
Pinjaman belum terima daripada syarikat berkaitan, Felda Iffco Inc. (FINA), anak syarikat usahasama, FISB, didenominasi dalam Dolar AS,
tidak bercagar, dicaj pada biaya pasaran 8% (2012: 8%) setahun dan perlu dibayar balik dalam lima ansuran tahunan sebanyak RM9,309,000
bermula pada 30 Disember 2010.
Pada 2012, FINA memaklumkan Kumpulan mengenai kedudukan kewangan semasanya dan meminta terma nota janji diubahsuai dengan
membenarkan FINA untuk menunda bayaran yang sepatutnya dibuat pada 30 Disember 2012 hingga 31 Disember 2013 dan melanjutkan tempoh
asal bayaran nota janji dengan tambahan satu tahun. Pada 14 Januari 2013, Kumpulan telah bersetuju dengan pindaan ini.
Pada 14 Januari 2014, FISB memaklumkan kepada Kumpulan bahawa ia telah memeterai perjanjian pembelian stok untuk menjual FINA kepada
pihak ketiga. Sebagai sebahagian daripada terma perjanjian pembelian stok tersebut yang dilaksanakan pada 31 Januari 2014, nota janji tersebut
akan dijelaskan sepenuhnya.
Pada 31 Disember 2013 dan pada 31 Disember 2012, pinjaman belum terima daripada syarikat berkaitan telah mengalami kemerosotan dan
diperuntukkan sepenuhnya disebabkan oleh kekangan kewangan yang dihadapi oleh FINA dan kemungkinan yang rendah untuk menjana aliran
tunai yang mencukupi bagi membolehkan pembayaran balik pada tahun-tahun akan datang.
412
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
27
BELUM TERIMA
Aset bukan semasa
Prabayaran^@
Deposit
Lain-lain
Aset semasa
Perdagangan belum terima *
Tolak: Peruntukan rosot nilai
Jumlah belum terima daripada pelanggan
atas kontrak
Jumlah perdagangan belum terima
Lain-lain belum terima
Dividen belum terima
Prabayaran @
Deposit
Jumlah
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
69,544
8,198
-
12,719 - - 2,178 - - 84,441
8,198
1,011,606
(5,529)
490,537
-
-
-
1,006,077
490,537
5,638
1,011,715
490,537
-
213,366 84,479 4,141 1,903
-
88,091
170,201
297,313
86,392
77,403
442
1,733
40,039
2,255
190
98
1,351,512
742,765
174,974
301,047
Pada 9 Mei 2012, Kilang Gula Felda Perlis Sdn. Bhd. (KGFP), anak syarikat milik Syarikat, telah memeterai Perjanjian Pra Bekalan
(PSA) dengan Gas Malaysia Berhad (GMB) bagi tujuan mendapatkan bekalan gas sejajar dengan rancangannya untuk menukar
Dandang Biomasnya kepada Dandang Gas Asli.
Terma-terma dan syarat-syarat PSA tersebut menyatakan bahawa GMB akan melaksanakan pembinaan saluran paip pengagihan gas
dan kemudahan meter dan KGFP dikehendaki membayar kos pembinaan berjumlah RM8,198,000. Bayaran tersebut telah dibuat pada
bulan Ogos 2012 dan kini diklasifikasi sebagai pembayaran pendahuluan dalam penyata kedudukan kewangan. Pada 31 Disember 2013,
pembinaannya telah mencapai 70% siap dan dijangka sedia untuk kegunaan pada bulan Mac 2014.
KGFP telah menandatangani Perjanjian Bekalan Gas Piawai (GSA) pada bulan Disember 2013. Berdasarkan kepada syarat perjanjian ini,
GSA tersebut akan berkuatkuasa mulai bulan Mac 2014 hingga bulan Disember 2022.
Termasuk dalam deposit pada 31 Disember 2013, adalah deposit yang dibayar oleh Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK),
sebuah anak syarikat milik Syarikat, berhubung dengan cadangan pengambilalihan 95% kepentingan ekuiti dalam PT. Temila Agro Abadi
dan PT. Landak Bhakti Palma masing-masing sebanyak 35% dan 20% berjumlah RM12.72 juta yang akan diselesaikan pada 2014.
Termasuk dalam prabayaran pada 31 Disember 2013 dan 31 Disember 2012 adalah deposit sekuriti berjumlah RM62,120,000 (2012:
RM62,120,000) yang dibayar kepada pemegang saham penting di bawah LLA bertarikh 1 November 2011, yang akan menghapuskan
sebarang pembayaran jumlah pajakan sebelum tarikh tamat tempoh atau penentuan lebih awal LLA.
Termasuk dalam perdagangan belum terima adalah subsidi gula yang belum diterima daripada Kerajaan Malaysia berjumlah RM14,890,775
(2012: RM26,147,000) dan subsidi minyak masak yang belum diterima daripada Lembaga Minyak Sawit Malaysia sebanyak RM39,051,610
(2012: RM tiada).
Termasuk dalam lain-lain belum terima pada 31 Disember 2013 adalah penerimaan daripada Kerajaan Negeri Perlis berjumlah RM43.04
juta berhubung dengan pengambilalihan wajib Lot 194 Mukim Chuping, Perlis daripada Felda Global Ventures Perlis Sdn. Bhd., sebuah
anak syarikat milik Syarikat seperti yang dinyatakan dalam Nota 20.
413
27
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
706,536
568,806
174,974
301,047
604,216
154,138
-
112,944
27,152
-
6,328
867
-
4,708
-
-
399
-
-
122
-
-
700 - - 1,435,953
750,963
174,974
301,047
Tempoh kredit bagi perdagangan belum terima adalah sehingga 90 hari (2012: sehingga 90 hari).
Lampau tempoh tetapi tiada kemerosotan
Pada 31 Disember 2013, sejumlah RM325,193,000 (2012: RM161,052,000) belum terima telah melepasi tempoh tetapi tidak merosot. Ini berkaitan
dengan bilangan pihak luar di mana tiada jangkaan berlakunya kegagalan pembayaran. Analisis kegagalan pembayaran berdasarkan usia dan
sejarah bagi belum terima ini adalah seperti berikut:
Tiada sejarah
Sejarah
Kumpulan
kegagalan
kegagalan
Pelanggan
pembayaran pembayaran
baru
Jumlah
RM000
RM000
RM000
RM000
2013
Kurang daripada 30 hari lampau tempoh
Antara 30 dan 60 hari lampau tempoh
Antara 61 dan 90 hari lampau tempoh
Antara 91 hari dan 1 tahun lampau tempoh
Lebih daripada 1 tahun lampau tempoh
Pada 31 Disember 2013
83,419
43,145
15,090
5,690
4,787
531
115
55
1,108
-
128,173
37,744
3,801
1,535
-
212,123
81,004
18,946
8,333
4,787
152,131
1,809
171,253
325,193
130,393
22,608
6,426
698
857
-
-
-
-
-
-
70
-
-
-
130,393
22,678
6,426
698
857
160,982
70
161,052
2012
Kurang daripada 30 hari lampau tempoh
Antara 30 dan 60 hari lampau tempoh
Antara 61 dan 90 hari lampau tempoh
Antara 91 hari dan 1 tahun lampau tempoh
Lebih daripada 1 tahun lampau tempoh
Pada 31 Disember 2012
Pada 31 Disember 2013, tiada belum terima Syarikat yang lampau tempoh tetapi tidak merosot.
414
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
27
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
18,413
-
1,062
921,210 504,310 173,470 299,314
15,201 - - 954,824
504,310
174,532
299,314
Nilai saksama belum terima tidak termasuk pra bayaran yang menyamai nilai bawanya, kerana kesan pendiskaunan adalah tidak ketara.
415
28
JUMLAH BELUM TERIMA DARIPADA/(KEPADA) PEMEGANG SAHAM Penting, ANAK-ANAK SYARIKAT, SYARIKAT-syarikat
USAHASAMA, SYARIKAT BERSEKUTU DAN lain-lain SYARIKAT-SYARIKAT BERKAITAN
Jumlah belum terima daripada
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
81,923
73,091
377
52,442
-
-
58,584
39,447
421,838
318,224
-
37 - - 29,060
503,650
61
63,776
532,858
894,965
59,022
2012
RM000
155,665
(386,921)
(93,826)
(3,833)
(66)
-
-
(88,734)
(78,676)
(23,000)
-
-
- (69,510)
- (69,510)
(4,723)
(755,023)
(563)
(1,430)
(414,644)
(918,359)
(93,130)
(149,682)
Sebahagian besar jumlah belum terima daripada/(kepada) lain-lain syarikat-syarikat berkaitan pada 31 Disember 2012 adalah daripada
FHB yang sebelum ini diambil kira sebagai sebuah syarikat bersekutu. Pada 31 Disember 2013, jumlah belum terima daripada/(kepada)
FHB telah dihapuskan di peringkat Kumpulan apabila FHB menjadi sebuah anak syarikat milik Syarikat pada 27 Disember 2013.
(a)
Jumlah belum terima daripada/(kepada) pemegang saham penting, anak-anak syarikat, syarikat-syarikat usahasama, syarikat bersekutu
dan lain-lain syarikat-syarikat berkaitan adalah tidak bercagar, tanpa biaya dan memiliki terma bayaran balik antara 15 hingga 120 hari
(2012: 30 hingga 60 hari).
(b)
Pada tahun 2011, TRT ETGO memeterai perjanjian kredit dengan syarikat usahasamanya, Bunge ETGO L.P. di mana ia bersetuju untuk
menyediakan komitmen pusingan kepada syarikat usahasama tersebut. Tempoh kredit adalah dua tahun, berakhir pada 9 Disember 2013,
pada kadar faedah LIBOR Kanada tambah 3%. Pada 31 Disember 2012, TRT ETGO telah menyediakan pinjaman kepada Bunge ETGO L.P.
sebanyak RM75,306,000. Apabila perjanjian perkongsian itu ditamatkan (rujuk Nota 15), pinjaman tersebut juga ditamatkan dan dibayar
semula sepenuhnya pada 27 September 2013.
(c)
Sebahagian besar jumlah belum terima daripada/(kepada) pemegang saham penting, anak-anak syarikat, syarikat-syarikat usahasama,
syarikat bersekutu dan lain-lain syarikat-syarikat berkaitan adalah dalam Ringgit Malaysia.
416
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
28
JUMLAH BELUM TERIMA DARIPADA/(KEPADA) PEMEGANG SAHAM Penting, ANAK-ANAK SYARIKAT, SYARIKAT-syarikat
USAHASAMA, SYARIKAT BERSEKUTU DAN lain-lain SYARIKAT-SYARIKAT BERKAITAN (Samb.)
(d)
Kumpulan
2013
2012
RM000 RM000
Pada 1 Januari
39,447
197,179
Penurunan diskaun
-
139
Pendahuluan kepada anak-anak syarikat
119,985
1,180,417
Penukaran kepada saham biasa * (Nota 22)
(100,848)
Penukaran kepada RCPS/RCCPS # (Nota 22)
-
(1,338,532)
-
244
Pelarasan nilai saksama
Pada 31 Disember
58,584
39,447
Dianalisis sebagai:
Semasa
58,584
39,447
2013
Pada 14 November 2013, Syarikat melanggan sebanyak 73,206,521 saham biasa berharga RM1.00 sesaham daripada Felda Global
Ventures Downstream Sdn. Bhd. (FGVD), sebuah anak syarikat milik Syarikat, dengan bayaran tunai sebanyak RM50,000,000 dan
melalui penukaran jumlah belum terima daripada FGVD sebanyak RM23,206,521.
Pada 18 Disember 2013, Syarikat melanggan sebanyak 9,774,529 saham biasa berharga RM1.00 sesaham daripada Felda Global
Ventures Plantation Sdn. Bhd. (FGVP), sebuah anak syarikat milik Syarikat, dengan bayaran tunai sebanyak RM900,000 dan melalui
penukaran jumlah belum terima daripada FGVP sebanyak RM8,874,529.
Pada 18 Disember 2013, Syarikat melanggan sebanyak 68,767,229 saham biasa berharga RM1.00 sesaham daripada FGVD, dengan
bayaran tunai sebanyak RM68,767,229.
2012
Pada 31 Disember 2012, Syarikat melanggan sebanyak 1,142,038,242 RCPS berharga RM0.01 setiap satu daripada FGVD, melalui
jumlah belum terima daripada FGVD sebanyak RM1,142,038,242.
Pada 31 Disember 2012, Syarikat melanggan sebanyak 196,493,801 RCPS berharga RM0.01 setiap satu daripada FGVP, melalui
penukaran jumlah belum terima daripada FGVP sebanyak RM196,493,801.
417
28
JUMLAH BELUM TERIMA DARIPADA/(KEPADA) PEMEGANG SAHAM Penting, ANAK-ANAK SYARIKAT, SYARIKAT-syarikat
USAHASAMA, SYARIKAT BERSEKUTU DAN lain-lain SYARIKAT-SYARIKAT BERKAITAN (Samb.)
Lampau tempoh tetapi tidak merosot
Pada 31 Disember 2013, sejumlah RM56,369,000 (2012: RM10,670,000) jumlah belum terima daripada pemegang saham penting, syarikat-syarikat
usahasama, syarikat bersekutu dan lain-lain syarikat-syarikat berkaitan dan RM59,000 (2012: RM827,000) belum terima daripada lain-lain syarikatsyarikat berkaitan bagi Kumpulan dan Syarikat adalah lampau tempoh tetapi tidak merosot. Analisis usia baki-baki tersebut adalah seperti berikut:
Antara
Antara
Antara 91
Kurang
30 hingga
61 hingga
hari hingga
30 hari
60 hari
90 hari
1 tahun
Lebih
lampau lampau lampau lampau daripada
tempoh
tempoh
tempoh
tempoh
1 tahun
Jumlah
RM000 RM000 RM000 RM000 RM000 RM000
Kumpulan
Pada 31 Disember 2013
Jumlah belum terima daripada
pemegang saham penting
Jumlah belum terima daripada
syarikat-syarikat usahasama*
Jumlah belum terima daripada lain-lain
syarikat-syarikat berkaitan
7,172
1,663
2,202
4,242
2,558
17,837
25,200
1,576
26,776
164
11,574
11
11,756
2,202
29,449
7,336
13,237
4,145
56,369
41
11
59
460
161
32
157
17
827
418
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
28
JUMLAH BELUM TERIMA DARIPADA/(KEPADA) PEMEGANG SAHAM Penting, ANAK-ANAK SYARIKAT, SYARIKAT-syarikat
USAHASAMA, SYARIKAT BERSEKUTU DAN lain-lain SYARIKAT-SYARIKAT BERKAITAN (Samb.)
Merosot dan diperuntukkan (Samb.)
Pergerakan peruntukan rosot nilai jumlah belum terima Syarikat adalah seperti berikut:
Kumpulan
2013
RM000
Jumlah belum terima daripada anak-anak syarikat
684
2012
RM000
684
Jumlah belum terima daripada pemegang saham penting, syarikat-syarikat usahasama, syarikat bersekutu dan lain-lain syarikat-syarikat
berkaitan sebanyak RM476,489,000 (2012: RM884,295,000) bagi Kumpulan dan jumlah belum terima daripada pemegang saham penting, anakanak syarikat, syarikat bersekutu dan lain-lain syarikat-syarikat berkaitan sebanyak RM58,963,000 (2012: RM154,838,000) bagi Syarikat adalah
tidak lampau tempoh atau merosot kerana belum melebihi tempoh kredit.
Kualiti kredit syarikat-syarikat berkaitan yang belum melebihi tempoh atau merosot boleh dinilai berasaskan maklumat sejarah kadar
kegagalan pembayaran pihak berurusan:
Jumlah belum terima daripada pemegang saham penting
Kumpulan 2
Jumlah belum terima daripada anak-anak syarikat
Kumpulan 2
Jumlah belum terima daripada syarikat-syarikat usahasama
Kumpulan 2
Jumlah belum terima daripada syarikat bersekutu
Kumpulan 2
Jumlah belum terima daripada lain-lain syarikat-syarikat
berkaitan
Kumpulan 2
Jumlah tidak merosot daripada pihak-pihak berkaitan
Kumpulan 1
Kumpulan 2
Kumpulan 3
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
64,086
73,091
377
52,442
58,584
39,447
395,062
316,728
37 - - -
17,304
494,476
62,949
476,489
884,295
58,963
154,838
Nilai saksama jumlah belum terima daripada pemegang saham penting, anak-anak syarikat, syarikat-syarikat usahasama, syarikat bersekutu
dan lain-lain syarikat-syarikat berkaitan adalah bersamaan dengan nila bawa kerana kesan pendiskaunan tidak ketara.
419
29
ASET BIOLOGI
Kumpulan
Nilai buku bersih
2013
Estet
perladangan
kelapa sawit
getah
Ternakan
Tapak semaian
RM000
RM000
RM000
Jumlah
RM000
Bukan semasa
Pada 1 Januari
Pengambilalihan anak-anak syarikat (Nota 22)
Tambahan:
- Pembelian
- Kos pembangunan penanaman baharu
- Pindahan daripada semasa
Susut nilai dipercepatkan
Perbezaan pertukaran matawang
Rosot nilai
Hapuskira (Nota 45)
Pada 31 Disember
1,864,224
582,307
-
974
-
-
1,864,224
583,281
-
18,166
1,886
(8,682)
(245)
(663)
(32,195)
21,493
-
-
-
-
-
-
-
-
-
-
-
-
-
21,493
18,166
1,886
(8,682)
(245)
(663)
(32,195)
2,424,798
22,467
2,447,265
-
-
-
-
-
-
-
-
41,662
27,660
(1,886)
(25,945)
41,662
27,660
(1,886)
(25,945)
41,491
41,491
Semasa
Pada 1 Januari
Tambahan
Pindahan kepada bukan semasa
Dicaj kepada keuntungan atau kerugian
Pada 31 Disember
Nilai buku bersih
2012
Estet
perladangan
kelapa sawit
getah Tapak semaian
RM000
RM000
Tebu
RM000
Jumlah
RM000
Bukan semasa
Pada 1 Januari
Tambahan:
- Kos pembangunan penanaman baharu
- Pindahan daripada semasa
Susut nilai dipercepatkan
Rosot nilai
Hapuskira
Pada 31 Disember
1,858,842
1,858,842
-
-
-
-
-
-
-
-
-
-
19,476
608
(8,656)
(4,316)
(1,730)
1,864,224
-
-
-
-
-
33,324
48,430
(608)
-
(39,484)
41,662
19,476
608
(8,656)
(4,316)
(1,730)
1,864,224
Semasa
Pada 1 Januari
Tambahan
Pindahan kepada bukan semasa
Hapuskira
Dicaj kepada keuntungan dan kerugian
Pada 31 Disember
11,198
710
-
(11,908)
-
-
44,522
49,140
(608)
(11,908)
(39,484)
41,662
420
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
29
Termasuk dalam hapus kira ialah aset biologi dihapus kira berikutan tanah dituntut semula oleh FELDA berjumlah RM25,625,000 (Nota 45).
Kadar diskaun sebanyak 11.5%, mencerminkan risiko khusus industri berkaitan dengan perniagaan perladangan yang diselaraskan untuk
risiko lain berkaitan kawasan yang telah ditanam, misalnya saiz dan usia.
(i)
Andaian utama lain yang sama dengan andaian utama digunakan bagi mengira nilai saksama liabiliti LLA (rujuk Nota 45).
Berasaskan kepada penilaian yang dijalankan, menggunakan andaian utama, Kumpulan telah mengiktiraf jumlah rosot nilai sebanyak
RM663,000 (2012: RM4,316,000) yang direkodkan sebagai kerugian rosot nilai dalam kos jualan bagi tahun kewangan berakhir 31 Disember 2013.
Baki jumlah bawa terus menjadi subjek susut nilai yang dipercepatkan dalam tempoh sehingga tahun dimana terdapat rancangan penanaman
semula dengan tanaman lain.
30
Kumpulan
2013
RM000
211,575
211,575
RM000
191,403
20,172
211,575
Nilai saksama sekuriti tidak disebut harga adalah berasaskan kepada harga purata dengan nisbah buku ekuiti yang sama di pasaran.
Tiada aset kewangan ini, telah sama ada, melepasi tempoh belum terima atau telah rosot nilai.
421
31 INVENTORI
Kumpulan
2013
2012
RM000 RM000
Kos:
- Barangan siap
- Bahan mentah
- Kerja dalam pelaksanaan
- Bahan kimia
- Stor, barang gunaan dan produk boleh diganti
Pada nilai boleh realisasi bersih:
- Barangan siap
32
767,922
797,530
33,662
42,891
51,636
50,628
398,517
21,901
78,160
24,064
1,693,641 573,270
46,458
24,397
1,740,099 597,667
RM000
14,962
(2,007)
12,955
10,679
2,276
12,955
Sekuriti dagangan pada nilai saksama melalui keuntungan atau kerugian didenominasi dalam matawang berikut:
- Ringgit Malaysia
- Dolar Australia
- Rupee Pakistan
Nilai saksama bagi semua sekuriti ekuiti adalah berdasarkan kepada harga bida yang disebut dalam pasaran aktif.
5,487
5,192
2,276
12,955
422
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
33
34
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
2,149,268
2,391,046
91,925
722,734
4,742,038
-
2,661
1,898,012
-
60
4,179,552
-
4,632,239
396,634
5,464,772
223,600
1,900,673
1,790
4,179,612
4,093
5,028,873
-
5,688,372
(15,369)
1,902,463
-
4,183,705
-
5,028,873
5,673,003
1,902,463
4,183,705
Pada tahun lepas, deposit tetap meliputi jumlah RM Tiada (2012: RM15,369,000) bagi Kumpulan yang dicagarkan kepada sebuah bank sebagai
sekuriti untuk jaminan bank yang diberikan kepada sebuah anak syarikat.
423
34
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
2,190,545
1,603,456
874,429
1,304,306
1,000
16,659
-
11,485 - - 1,063,621 527,395 157,931 490,621
225,659
1,087,086
-
435,125
1,050,368
496
868,313
-
455,063
-
354,257
89,561
1,774,617
-
1,595,303
4,632,239 5,464,772 1,900,673 4,179,612
Lain-lain adalah terdiri dana yang dilaburkan ke dalam institusi kewangan yang diluluskan oleh Kerajaan mengikut peraturan Bank
Negara Malaysia.
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
Kadar biaya purata berwajaran (tahunan) bagi deposit tetap dan baki bank yang berkuatkuasa pada akhir tahun kewangan adalah seperti berikut:
- Bank berlesen
- Institusi kewangan berlesen
Kumpulan Syarikat
2013
2012
2013
%
%
%
1.94
2.55
1.98
2.46
2.88
3.15
2012
%
1.80
3.15
Deposit tetap pada 31 Disember 2013 bagi Kumpulan dan Syarikat masing-masing mempunyai purata tempoh matang 90 hari (2012: 90hari) dan
90 hari (2012: 90 hari). Tunai dan baki bank adalah deposit panggilan di bank.
424
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
35
ASET DIPEGANG UNTUK DIJUAL DAN LIABILITI YANG BERKAITAN DENGAN ASET YANG DIPEGANG UNTUK DIJUAL
Kumpulan
2013
2012
RM000 RM000
Aset dipegang untuk dijual dalam Kilang Gula Felda Perlis Sendirian Berhad (KGFP)
36
1,941
Aset dipegang untuk dijual dalam Pontian United Plantations Berhad (PUP)
102,269
Aset dipegang untuk dijual dalam Felda Holdings Bhd. (FHB)
57,615
Jumlah aset dipegang untuk dijual
159,920
1,941
Liabiliti berkaitan dengan aset dipegang untuk dijual dalam FHB
(95,339)
64,581 1,941
Bangunan,
struktur dan
Loji dan
Kenderaan
Peralatan
pengubahsuaian
jentera
bermotor
lain
Jumlah
RM000 RM000 RM000 RM000 RM000
Pada 1 Januari
Pindahan daripada Hartanah, loji dan peralatan
Pelupusan
Pada 31 Disember
4
-
(4)
1,130
21
(1,128)
-
9
-
-
4
-
1,134
34
(1,132)
23
36
Inventori
Pada 1 Januari
807
Hapuskira
(807)
Pada 31 Disember
2012
Hartanah, loji dan peralatan (Nota19)
Kos
1,519
18,988
-
-
20,507
Susut nilai terkumpul
(1,515)
(17,858)
-
-
(19,373)
Nilai buku bersih
4
1,130
-
-
1,134
Inventori
807
Jumlah aset dipegang untuk dijual
1,941
425
35
ASET DIPEGANG UNTUK DIJUAL DAN LIABILITI YANG BERKAITAN DENGAN ASET YANG DIPEGANG UNTUK DIJUAL (Samb.)
Aset dipegang untuk dijual dalam PUP
Pada 2 Disember 2013, PUP menerima deposit sebanyak RM24,780,000 sebagai sebahagian daripada pertimbangan pembelian untuk jualan
tanah di Kukup, Johor. Pada10 Februari 2014, Kumpulan telah memeterai perjanjian terikat untuk menjual tanah tersebut pada harga RM121.3
juta. Penjualan tersebut adalah tertakluk kepada pencapaian beberapa syarat terdahulu yang telah ditetapkan di dalam perjanjian.
Aset dipegang untuk dijual dan liabiliti berkaitan dengan aset dipegang untuk dijual dalam FHB
(i)
Pada 4 April 2013, Lembaga Pengarah anak syarikat Kumpulan, Felda Farm Products Sdn. Bhd. (FFP), sebuah anak syarikat FHB, telah
meluluskan rancangan untuk menamatkan secara beransur-ansur operasi FFP melalui pelupusan aset kepada pemegang saham penting
dan Felda Global Ventures Plantations Sdn. Bhd. (FGVPM), anak syarikat milik Syarikat. Berikutan pelupusan sebahagian aset pada bulan
Disember 2013, FFP telah menghentikan operasinya. Baki aset dan liabiliti FFP masing-masing berjumlah RM26,339,000 dan RM4,667,000
dibentangkan dalam penyata kedudukan kewangan sebagai Aset dipegang untuk dijual dan Liabiliti berkaitan aset dipegang untuk
dijual.
Kumpulan telah melulusan cadangan untuk keluar daripada perniagaan Malaysia Cocoa Manufacturing Sdn. Bhd. (MCM), sebuah anak
syarikat FHB, dengan pelupusan 100% ekuitinya sebagai pilihan utama.
Oleh kerana pelupusannya berkemungkinan tinggi akan berlaku dan nilai bawa yang akan diperoleh semula terutamanya melalui urus
niaga jualan, maka aset dan liabiliti MCM dibentangkan dalam penyata kedudukan kewangan sebagai Aset dipegang untuk dijual dan
Liabiliti berkaitan dengan aset dipegang untuk dijual.
2013
RM000
11,703
24,578
16,677
47
4,610
57,615
89,888
4,912
324
215
95,339
426
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
36
MODAL SAHAM
Modal saham dibenarkan:
(a)
4,000,000
-
-
2,000,000
12,500
1,987,500
Pada 31 Disember
4,000,000
4,000,000
(b)
-
-
12,500
(12,500)
(c)
*
-
Pada 31 Disember
4,000,000
4,000,000
3,648,152
-
-
1,767,612
329,950
570,590
900,540
980,000
3,648,152
3,648,152
*
-
427
36
Pada 1 Januari 2012, modal saham dibenarkan Syarikat adalah sebanyak RM2,012,500,000, meliputi 2,000,000,000 saham biasa berharga RM1
sesaham dan 1,250,000,000 RCPS serta RCCPS RM0.01 sesaham.
Pada 16 Mei 2012, modal saham dibenarkan Syarikat telah dinaikkan daripada RM2,012,500,000 kepada RM4,000,000,001, meliputi 4,000,000,000
saham biasa RM1 sesaham dan 1 saham khas RM1 sesaham.
Pada 17 Mei 2012, modal saham diterbitkan dan di bayar penuh Syarikat telah dinaikkan daripada RM1,767,612,000 kepada RM2,668,151,500,
meliputi 2,668,151,500 saham biasa RM1 sesaham dengan menukar 329,949,500 RCPS dan 570,590,000 RCCPS pada nilai nominal RM0.01
sesaham dan premium RM0.99 sesaham, kepada 900,539,500 saham biasa baru RM1.00 sesaham.
Pada 26 Jun 2012, sempena Penawaran Awam Awal bagi saham Syarikat, modal terbitan dan berbayarnya telah ditambah daripada
RM2,668,151,501 kepada RM3,648,151,501, melalui terbitan awam sebanyak 980,000,000 saham biasa baharu berharga RM1 sesaham.
Saham khas
Pada 21 Mei 2012, Syarikat menerbitkan satu saham khas RM1.00, yang menghasilkan peningkatan modal saham diterbitkan dan berbayar
Syarikat iaitu daripada RM2,668,151,500 kepada RM2,668,151,501. Saham khas ini dipegang oleh Menteri Kewangan (Diperbadankan).
Saham khas yang dipegang oleh Menteri Kewangan (Diperbadankan) ini memiliki ciri-ciri berikut:
(a)
Saham khas boleh dipegang atau dipindahkan kepada Menteri Kewangan (Diperbadankan) sahaja atau penggantinya atau mana-mana
Menteri, wakil atau mana-mana orang yang diberi kuasa oleh Kerajaan Malaysia untuk bertindak bagi pihaknya.
(b)
Pemegang Saham Khas berhak dari masa ke semasa untuk melantik mana-mana Pengarah sedia ada menjadi Pengarah Lantikan
Kerajaan supaya tidak terdapat lebih daripada tiga (3) Pengarah Lantikan Kerajaan pada satu-satu masa dan Pengarah Lantikan Kerajaan
itu hendaklah memegang jawatan Pengerusi Lembaga Pengarah, Pengarah Urusan/Ketua Pegawai Eksekutif dan seorang (1) Pengarah.
(c)
Pemegang Saham Khas atau mana-mana orang yang bertindak bagi pihak Pemegang Saham Khas akan layak menerima notis untuk
menghadiri dan bersuara di semua mesyuarat agung atau sebarang mesyuarat bagi sebarang kelas atau pemegang saham Syarikat yang
lain, tetapi Saham Khas tidak mempunyai hak untuk mengundi atau sebarang hak lain pada mana-mana mesyuarat.
(d)
Pemegang Saham Khas boleh, tertakluk kepada peruntukan-peruntukan Akta, meminta Syarikat menebus Saham Khas pada nilai tara
pada sebarang masa dengan mengemukakan notis secara bertulis kepada Syarikat dan menyerahkan sijil saham berkaitan.
(e)
Dalam pengagihan modal jika berlaku pembubaran Syarikat, pemegang saham Khas berhak mendapat pembayaran balik modal yang
dibayar bagi Saham Khas tersebut terlebih mendahulu pembayaran balik modal kepada mana-mana ahli lain. Saham Khas ini tidak akan
memberi sebarang hak lain untuk mengambil bahagian dalam modal atau keuntungan Syarikat.
428
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
37
SAHAM KEUTAMAAN BOLEH TUKAR BOLEH TEBUS DAN TANPA UNDIAN (RCPS) DAN SAHAM KEUTAMAAN BOLEH TUKAR TERKUMPUL
BOLEH TEBUS DAN TANPA UNDIAN (RCCPS)
RCPS/RCCPS dibenarkan RM0.01 setiap satu:
Pada 1 Januari
Penukaran
Pada 31 Disember
RCPS/RCCPS diterbitkan dan berbayar penuh RM0.01 sesaham:
Pada 1 Januari
Ditebus semasa tahun kewangan:
- RCPS A
- RCPS B
- RCCPS A
- RCCPS B
- RCCPS C
- RCCPS D
Pada 31 Disember
2012
RM000
Jumlah
2013
RM000
2012
RM000
-
-
1,250,000
(1,250,000)
-
-
12,500
(12,500)
900,539,500
9,005
-
-
-
-
-
-
(252,460,000)
(77,489,500)
(164,030,000)
(300,470,000)
(69,970,000)
(36,120,000)
-
-
-
-
-
-
(2,524)
(775)
(1,640)
(3,005)
(700)
(361)
(900,539,500)
(9,005)
Pada 17 Mei 2012, Syarikat menukar sebanyak 329,949,500 RCPS dan 570,590,000 RCCPS pada nilai nominal sebanyak RM0.01 dan premium
sebanyak RM0.99 sesaham kepada 900,539,500 saham biasa RM1.00 sesaham, menyebabkan peningkatan modal saham terbitan dan berbayar
Syarikat sebanyak RM900,539,500, daripada RM1,767,612,000 kepada RM2,668,151,500.
Dividen perlu dibayar adalah berdasarkan kepada prestasi pelaburan akan diisytiharkan oleh Lembaga Pengarah Kumpulan dan Syarikat
seperti yang mereka dirasakan wajar;
(ii) Pemegang RCPS tidak mempunyai hak untuk mengundi di sebarang mesyuarat agung kecuali seperti yang dinyatakan dalam jadual 2
Perjanjian Langganan;
(iii) Pemegang RCPS akan layak untuk menukar sebahagian atau keseluruhan RCPS menjadi saham-saham biasa RM1 sesaham pada kadar
satu RCPS bagi satu saham biasa baru berharga RM1 sesaham diterbitkan dan berbayar penuh pada atau sebelum penebusan; dan
(iv) Syarikat akan mempunyai hak untuk menebus secara keseluruhan atau sebahagian untuk RM1 bagi setiap RCPS diterbitkan.
Dividen perlu dibayar adalah berdasarkan kepada kutipan bersih diterima oleh Syarikat yang akan diisytiharkan oleh Lembaga Pengarah
Kumpulan dan Syarikat seperti yang mereka fikirkan sesuai;
(ii) Pemegang RCCPS tidak mempunyai hak untuk mengundi di sebarang mesyuarat agung kecuali seperti dinyatakan dalam Jadual 2
Perjanjian Langganan;
(iii) Pemegang RCCPS akan layak untuk menukar sebahagian atau keseluruhan RCCPS menjadi saham-saham biasa RM1 sesaham pada
kadar satu RCPS bagi setiap satu saham biasa baru RM1 sesaham diterbitkan dan berbayar penuh pada atau sebelum penebusan tersebut;
dan
(iv) Syarikat akan mempunyai hak pada sebarang masa, untuk menebus semula keseluruhan atau sebahagian untuk RM1 bagi setiap RCCPS
diterbitkan.
429
38
PREMIUM SAHAM
Pada 1 Januari
Penebusan RCPS/RCCPS
Premium saham diiktiraf sempena IPO*
Pada 31 Disember
881,783
(881,783)
3,371,685
3,371,685
3,371,685
Kumpulan dan Syarikat
2012
RM000
Premium saham timbul daripada terbitan sebanyak 980,000,000 saham biasa baru yang
diterbitkan pada nilai tara RM1 sesaham pada nilai saksama RM4.55 sesaham (i)
Bayaran berasaskan saham berkaitan 227,229,800 saham diterbitkan pada RM4.45 sesaham (ii)
Perbelanjaan terbitan saham (iii)
3,453,277
25,723
(107,315)
3,371,685
(i)
Premium saham meliputi 980,000,000 saham biasa baru yang diterbitkan dengan nilai tara RM1 sesaham pada nilai saksama RM4.55
sesaham sempena penyenaraian dan sebut harga saham-saham Syarikat di Pasaran Utama Bursa Malaysia Securities Berhad.
(ii)
Daripada 980,000,000 saham-saham biasa baru diterbitkan, 257,229,800 saham diterbitkan pada harga terbitan RM4.45 sesaham.
Perbezaan antara nilai saksama dan harga terbitan diiktiraf sebagai bayaran berasaskan saham seperti yang diadualkan di bawah:
Kumpulan dan Syarikat
2012
RM000
1,170,396
(1,144,673)
25,723
(iii) Perbelanjaan terbitan saham meliputi yuran taja jamin, yuran penempatan dan yuran pembrokeran berjumlah RM107,315,000 berhubung
IPO yang telah ditolak daripada akaun premium saham pada tahun kewangan selaras dengan Seksyen 60 Akta Syarikat, 1965.
Premium saham tidak boleh diagihkan sebagai dividen tunai.
39
430
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
40
41
2012
RM000
2,347,742
-
-
-
(5,842,694)
(54,690)
1,460,673
(4,436,711)
(2,088,969)
(2,088,969)
LAIN-LAIN RIZAB
Rizab sedia untuk dijual
Rizab penebusan modal
Lain-lain rizab
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
13,739
10,052
-
20,027
10,052
33,615
-
10,052
-
2012
RM000
10,052
1,459
Rizab sedia untuk dijual berkaitan dengan bahagian Kumpulan bagi rizab jualan syarikat-syarikat usahasama dan syarikat-syarikat bersekutu.
Rizab penebusan modal berkaitan dengan rizab yang diwujudkan berikutan penebusan RCPS/RCCPS seperti yang dikehendaki oleh Akta
Syarikat, 1965.
Lain-lain rizab berkaitan dengan sumbangan modal yang mewakili perbezaan antara nilai saksama dan pendahuluan daripada pemegang
saham penting berikutan penggunaan FRS139.
42
PENDAPATAN TERSIMPAN
Di bawah system cukai satu peringkat yang berkuatkuasa pada tahun taksiran 2008, syarikat-syarikat tidak perlu mempunyai kredit cukai di
bawah Seksyen 108 Akta Cukai Pendapatan 1967, bagi tujuan pembayaran dividen. Dividen yang dibayar di bawah system ini adalah dikecualikan
daripada cukai di tangan pemegang saham.
Syarikat memilih untuk membayar dividen peringkat pertama kerana ia tidak mempunyai kredit cukai di bawah Seksyen 108.
431
43 PINJAMAN
Kumpulan
2013
RM000
Semasa
Bercagar:
Pinjaman bertempoh
-
Penerimaan bank
17,498
Tidak bercagar:
Overdraf bank
24,500
136,642
Kredit pusingan
Pinjaman bertempoh
1,231
1,378,238
Penerimaan bank
Pembiayaan semula kredit eksport
80,000
1,638,109
Bukan semasa
Bercagar:
Pinjaman bertempoh
Tidak bercagar:
Pinjaman bertempoh
Jumlah pinjaman
Overdraf bank
Kredit pusingan
Pinjaman bertempoh
Penerimaan bank
Pembiayaan semula kredit eksport
Tolak: Dibayar balik lebih dari satu tahun
Dibayar balik dalam tempoh satu tahun
Profil kematangan pinjaman adalah seperti berikut:
Kurang dari 1 tahun
Antara 1 dan 3 tahun
2012
RM000
38,160
561,000
599,160
509
11,801
11,801
509
24,500
136,642
13,032
1,395,736
80,000
38,669
561,000
-
1,649,910
(11,801)
599,669
(509)
1,638,109
599,160
1,638,109
11,801
599,160
509
1,649,910
599,669
2012
RM000
561,000
37,766
903
599,669
432
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
43
PINJAMAN (Samb.)
Kadar biaya efektif berkesan bagi pinjaman adalah seperti berikut:
Kadar biaya
efektif pada
tarikh
penyata
kedudukan
Kadar
kewangan
biaya
% setahun
2013
Overdraf bank
Tetap
6.60
Kredit pusingan
Tetap
2.40
Tetap
3.42
Penerimaan bank
Pembiayaan semula kredit eksport
Tetap
3.28
Pinjaman bertempoh
Terapung
6.00
2012
Pinjaman bertempoh
Penerimaan bank
Terapung
Tetap
1.03
3.43
Pinjaman bertempoh adalah tidak bercagar dan perlu dibayar balik secara ansuran bulanan sebanyak RM138,775 bermula dari bulan Januari
2014.
Pada 31 Disember 2013, penerimaan bank tertentu disandarkan melalui gadai janji dan/atau cagar melalui tanah, termasuk struktur, jentera,
manfaat insurans yang melindungi barangan siap, dan jaminan oleh sesetengah pengarah dan/atau pemegang saham anak syarikat dan oleh
syarikat induk terdekat.
Pada 31 Disember 2012, beberapa pinjaman dijamin dengan deposit tetap yang dicagarkan kepada sebuah institusi kewangan berjumlah
RM15,369,000.
Jumlah bawa dan nilai saksama jumlah pinjaman adalah seperti berikut:
Overdraf bank
Kredit pusingan
Pinjaman bertempoh
Penerimaan bank
Pembiayaan semula kredit eksport
Jumlah
Kumpulan
Jumlah bawa
2013
RM000
Nilai saksama
2012
RM000
2013
RM000
2012
RM000
24,500
-
24,500
136,642
-
136,642
13,032 38,669 13,032 38,669
1,395,736
561,000
1,395,736
561,000
80,000
-
80,000
1,649,910
599,669
1,649,910
Nilai saksama jumlah pinjaman adalah menyamai jumlah bawaannya, kerana kesan pendiskaunan adalah tidak ketara.
599,669
433
44
1,620,714
219,557
2,697,790
1,840,271
-
223,962
214,286
214,286
214,286
214,285
214,285
335,000
1,067,400
219,557
214,286
214,286
214,286
214,286
214,285
214,285
335,000
-
2,697,790
1,840,27
2,697,790
1,840,271
Tetap
4.955
Tetap
4.994
Jumlah bawa dan nilai saksama pinjaman semasa dan bukan semasa yang belum dibayar kepada pemegang saham penting adalah seperti
berikut:
Pinjaman belum dibayar kepada pemegang saham penting
Jumlah bawa
2013
RM000
2,697,790
Nilai saksama
2013
RM000
2,697,790
2012
RM000
1,840,271
Nilai saksama pinjaman belum bayar kepada pemegang saham penting adalah berasaskan kepada aliran tunai yang didiskaunkan menggunakan
kadar pinjaman sebanyak 6.20% (2012: 6.20%).
434
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
45
Syarikat telah memeterai perjanjian pajakan dengan FELDA pada 1 November 2011 untuk tempoh selama 99 tahun (i) tanah dengan
hak milik tanah individu yang dikeluarkan kepada FELDA sebagai pemilik berdaftar (ii) tanah sedia ada yang diberi kepada FELDA untuk
pembangunan tetapi di mana hak milik tanah belum dikeluarkan kepada FELDA dan (iii) tanah-tanah lain yang akan diberi milik atau akan
dibeli oleh FELDA pada masa hadapan.
FELDA mungkin akan menamatkan pajakan bagi tanah-tanah tertentu seperti berikut:
(a)
(b)
Tanah dengan mineral, kerana hak mineral tidak termasuk dalam pajakan;
Pengambilalihan atau hasrat pengambilalihan di bawah Akta Pengambilalihan Tanah, 1960 (LAA), notis tuntutan semula oleh pihak
berkuasa berkaitan atau notis seumpama yang dikeluarkan berhubung sebarang perundangan Malaysia.
Sekiranya berlaku penamatan, FELDA akan menyediakan tempoh notis daripada 10 hari 18 bulan, bergantung kepada saiz tanah dan
keadaan tuntutan semula tersebut.
Selepas dituntut semula, Kumpulan akan menerima pampasan daripada FELDA bagi jangkaan kerugian mendapat keuntungan masa
depan dari tanah tersebut, dikira berasaskan kepada keuntungan purata setiap hektar dan profil usia aset biologi terlibat yang diserahkan.
Bagi tanah dituntut oleh FELDA bagi pihak ketiga di bawah Perjanjian Sewaan bertarikh 21 Januari 2012, Syarikat tidak akan menerima
pampasan.
(ii)
LLA Tambahan
Pada 2 Januari 2012, Syarikat telah memeterai addendum kepada LLA (LLA Tambahan) untuk mengambilalih aset dan liabiliti tertentu
selain daripada aset biologi estet perladangan yang dimiliki oleh FELDA dengan pertimbangan pembelian bersamaan dengan nilai bawaan
aset dan liabiliti yang diambilalih pada 31 Disember 2011 berjumlah RM54,690,000, menghapuskan keperluan untuk mendapatkan
persetujuan daripada Pihak Berkuasa Negeri sebelum bermulanya LLA dan pindaan takfiran kategori aset yang perlu dikekalkan oleh
Syarikat. Hasilnya, LLA bermula pada 1 Januari 2012.
Pada 6 Januari 2012, sebagai sebahagian daripada proses penstrukturan semula FELDA, Syarikat dan Felda Global Ventures Plantations
(Malaysia) Sdn. Bhd. (FGVPM), sebuah anak syarikat milik Syarikat telah memeterai perjanjian novasi di mana semua manfaat, hak,
hak milik, kepentingan, tanggungjawab, akujanji, perjanjian dan liabiliti Syarikat di bawah LLA dan LLA Tambahan akan dipindahkan oleh
Syarikat kepada FGVPM dari 1 Januari 2012 dan FELDA telah bersetuju untuk memindahkan semua manfaat, hak, hak milik, kepentingan,
tanggungjawab, akujanji, perjanjian dan liabiliti kepada FGVPM tertakluk kepada terma dan syarat perjanjian novasi tersebut.
Pada 6 Januari 2012, FELDA dan FGVPM telah memeterai perjanjian sewaan berhubung dengan LLA yang mana sewaan ini adalah untuk
tempoh permulaan selama tiga tahun dan selepas tamat tempoh tiga tahun tersebut, FGVPM mempunyai opsyen untuk memperbaharui
bagi tempoh setiap tiga tahun sehingga berjumlah 99 tahun melainkan ia ditamatkan menurut peruntukan LLA. Opsyen untuk
memperbaharui ini boleh dilaksanakan melalui notis bertulis, atau melalui tatacara pihak-pihak yang membenarkan lanjutan hak milik
Tanah oleh FGVPM di bawah perjanjian tersebut. Jika Kelulusan bagi mana-mana bahagian Tanah diperoleh dari semasa ke semasa atau
hak milik tanah individu dikeluarkan oleh pihak berkuasa negeri untuk mana-mana bahagian Tanah Tambahan Sedia Ada dan Kelulusan
diperoleh, pihak-pihak ini akan mendaftar pajakan selaras dengan LLA, dan selepas itu Tanah Yang Diluluskan akan dikecualikan daripada
perjanjian ini dan sewaan di dalamnya akan termasuk di bawah pajakan dalam LLA.
Pada 21 Januari 2012, FELDA dan FGVPM telah memeterai perjanjian sewaan berhubung dengan tanah ladang yang diletak hak dalam
FELDA. Penyewaan ini akan bermula pada 1 Januari 2012 dan akan berkuat kuasa untuk tempoh permulaan selama tiga tahun. Apabila
tamat tempoh tiga tahun perjanjian sewaan ini, FGVPM ini akan mempunyai opsyen untuk memperbaharui sewaan untuk tempoh lanjutan
tiga tahun sehingga mencapai tempoh 99 tahun melainkan ia ditamatkan menurut peruntukan dalam LLA dan pada pertimbangan yang
dipersetujui yang menggambarkan Pertimbangan Pajakan menurut LLA tersebut. Jika FELDA kehilangan hak kepada tanah-tanah ini,
tiada pampasan akan dibayar kepada FGVPM.
435
45
Perjanjian Pengurusan
Pada 21 Mei 2012, Perjanjian Sewa bertarikh 6 Januari 2012 telah ditambah oleh satu perjanjian tambahan, di mana kedua-dua FELDA dan
FGVPM memperakui bahawa pada 1 Januari 2012, FGVPM masih belum dianggap atau diiktiraf sebagai tanah pribumi di Sarawak mengikut
Kanun Tanah Sarawak. Kedua-dua FELDA dan FGVPM bersetuju untuk mengecualikan semua Tanah-Tanah Sarawak daripada Perjanjian
Sewa dan LLA. Kedua-dua FELDA dan FGVPM bersetuju bahawa tiada pertimbangan pajakan yang dianggap perlu dibayar berhubung
sewaan Tanah-tanah Sarawak bagi tempoh bermula dari 1 Januari 2012 sehingga FGVPM memperoleh status pribumi menurut Kanun
Tanah Sarawak. Apabila syarat-syarat yang dinyatakan dipenuhi, Tanah-tanah Sarawak akan dimasukkan sebagai sebahagian daripada
Baki Tanah Sedia Ada dan terma Perjanjian Pajakan Tanah akan diterima pakai dan amalan perakaunan akan kekal sama seperti LLA.
Jika tanah atau mana-mana bahagian daripadanya pada bila-bila masa menjadi rosot nilai oleh sebarang notis melalui pengambilalihan di
bawah Akta Pengambilan Tanah, 1960, pemajak tidak akan dibayar pampasan bagi kos penamatan.
Pada 17 Julai 2013, FELDA dan FGVPM bersetuju selepas penjelasan beberapa terma dalam LLA dan perjanjian sampingannya, seperti
berikut:
-
Kos penyenggaraan utiliti di atas tanah yang diuruskan oleh FELDA di Sahabat akan dicaj kepada FGVPM;
Pembayaran semula deposit jaminan yang dibayar oleh syarikat berhubung dengan LLA (Nota 27) akan dilakukan melalui
pengurangan sebarang bayaran jumlah pajakan sebelum tamat tempoh atau lebih awal penentuan LLA; dan
Formula yang dipersetujui untuk mengira Perolehan Tersirat berhubung dengan pengiraan harga buah tandan segar (BTS) yang
digunakan oleh FGVPM dalam penyediaan penyata keuntungan operasi perladangan kini dijelaskan melalui formula terperinci dan
andaian yang disertakan.
Pajakan tanah meliputi tanah yang ditanam dengan kelapa sawit dan getah. Berasaskan kepada kawasan pajakan yang dipersetujui, jumlah
pajakan tetap tahunan yang perlu dibayar dianggarkan berjumlah RM248,481,322 (2012: RM248,481,322) setahun berserta dengan 15% (2012:
15%) daripada keuntungan operasi perladangan daripada tanah tersebut setiap tahun.
Bukan semasa
Semasa
2013
RM000
2012
RM000
4,458,623
5,167,831
385,767 496,938
4,844,390
5,664,769
5,664,769
-
(494,485)
(325,894)
5,842,694
210,178
(388,103)
4,844,390
5,664,769
Perubahan nilai saksama kepada keuntungan dan kerugian termasuk pembalikan berkaitan dengan liabiliti LLA yang timbul daripada tanah
yang ditebus guna oleh FELDA berjumlah RM65,500,000.
436
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
45
9.47% (2012: 9.47%) berdasarkan kepada kadar diskaun yang diterima pakai oleh syarikat-syarikat
yang boleh dibandingkan
(ii)
Harga MSM
Pelanjutan tempoh pajakan kepada 99 tahun (2012: 99 tahun) akan diperoleh bagi semua tanah estet
perladangan
Sensitiviti liabiliti LLA kepada perubahan andaian utama adalah seperti berikut:
Perubahan dalam andaian
Andaian utama
(i) Kadar Diskaun Tersirat
(iii) Peningkatan/pengurangan
dalam hasil BTS
Bertambah/berkurangan
sebanyak 1%
Bertambah/berkurangan sebanyak
RM79,000,000
Bertambah/berkurangan
sebanyak 1,000 sehektar
Bertambah/berkurangan sebanyak
RM11,000,000
Bertambah/berkurangan
Sebanyak RM100 sehektar
Bertambah/berkurangan sebanyak
RM2,000,000
Perubahan dalam keluasan tanah berikutan pelarasan yang timbul daripada pelaksanaan penyelarasan tanah berterusan yang dilakukan
untuk memastikan ketepatan kawasan tanah yang diperuntukkan oleh LLA, yang telah diselesaikan pada bulan Disember 2013. Ini
tertakluk kepada pengesahan oleh FELDA.
Pampasan yang belum diterima adalah anggaran berasaskan kepada keluasan kawasan yang ditebus guna oleh FELDA dan dikira pada
keuntungan purata sehektar berdasarkan kepada bilangan tahun penanaman yang diterima pakai kepada aset biologi yang dilepaskan.
Kumpulan juga menganggar kesan yang timbul berkaitan dengan aset biologi, hartanah, loji dan peralatan, pra bayaran pajakan, dan liabiliti LLA.
Hasilnya, Syarikat (mengecaj)/ mengkredit jumlah berikut kepada keuntungan atau kerugian:
Pampasan belum terima (Nota 7)
Pembalikan liabiliti LLA berkaitan
Hapus kira aset biologi (Nota 29)
RM000
82,938
65,500
(25,625)
Perjanjian pajakan tanah telah diukur berasaskan kepada input penting tidak boleh diperhatikan daripada data pasaran dan oleh itu, merupakan
anggaran nilai saksama Tahap 3.
437
46 PERUNTUKAN
2013
Pada 1 Januari
Pengambilalihan anak syarikat
Pembalikan diskaun
Bayaran dibuat pada tahun kewangan
Perbezaan terjemahan matawang
Pada 31 Disember
Ditolak: belum bayar dalam tempoh 12 bulan
Bukan semasa
Kumpulan
Peruntukan Peruntukan
bagi persaraan penstrukturan
aset
semula
RM000
RM000
Jumlah
RM000
4,806
27,000
261
(43)
349
106
-
-
(105)
(1)
4,912
27,000
261
(148)
348
32,373
(82)
-
-
32,373
(82)
32,291
32,291
4,744
258
(29)
(167)
1,421
-
(1,309)
(6)
6,165
258
(1,338)
(173)
4,806
(306)
106
(106)
4,912
(412)
4,500
4,500
2012
Pada 1 Januari
Pembalikan diskaun
Bayaran dibuat pada tahun kewangan
Perbezaan terjemahan matawang
Pada 31 Disember
Ditolak: belum bayar dalam tempoh 12 bulan
Bukan semasa
Peruntukan bagi persaraan aset adalah berkaitan dengan fasiliti pembuatan asid lemak Kumpulan di Amerika Syarikat dan beberapa kilang di
Malaysia. Obligasi persaraan aset ini telah dibuat berasaskan kepada anggaran terperinci, dilaras bagi mengambil kira inflasi, diperingkatkan
hingga ke tarikh perbelanjaan dianggarkan dan kemudian didiskaun menggunakan kadar faedah purata tanpa risiko kredit dilaraskan,
menggambarkan anggaran liabiliti terbaik oleh pengurusan. Kos sebenar yang akan ditanggung pada tempoh-tempoh akan datang mungkin
berbeza daripada anggaran, memandangkan wujud ketidaktentuan dalam menilai pendedahan tertentu yang tertakluk kepada ketidaktepatan
dalam menganggar tanggungjawab persaraan aset tersebut.
Pada tahun 2011, sebuah anak syarikat Kumpulan, TRT ETGO merekodkan peruntukan penstrukturan semula sebanyak RM1,421,000.
Peruntukan ini sebahagian besarnya ada kaitan dengan pengecilan jabatan kewangan dan komersial berikutan pelaburan TRT ETGO dalam
sebuah usahasama. Pelan penstrukturan semula telah dirangka dan diumumkan kepada kakitangan dan peruntukan diiktiraf pada tahun 2011.
Pembayaran pada tahun 2012 berjumlah RM1,309,000 dan pembayaan akhir sebanyak RM105,000 telah dilakukan pada tahun 2013.
.
438
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
47
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
20,399
14,287
6,700
12,729
34,686 19,429
2012
RM000
101
-
186
-
101
186
Skim manfaat persaraan adalah pelan manfaat tertakrif gaji akhir dengan jaminan pembayaran sekaligus semasa bersara. Ia masih terbuka
kepada peserta baharu. Skim bantuan perumahan pula ialah pelan manfaat ditakrif gaji akhir dengan jaminan pembayaran sekaligus semasa
bersara atau pada masa keluar lebih awal melalui persaraan atas sebab kesihatan atau meninggal dunia semasa berkhidmat di Malaysia. Ia
masih terbuka kepada peserta baharu.
Berikutan pengenalan Akta Usia Persaraan Minimum 2012, Kumpulan telah menaikkan usia persaraan skim manfaat Persaraan ini kepada
60 tahun untuk kakitangan warga Malaysia. Pindaan ini mengakibatkan pengurangan nilai obligasi manfaat sekarang. Pengurangan ini
menggambarkan kos perkhidmatan masa lepas yang negatif diiktiraf dalam keuntungan atau kerugian berjumlah RM2,034,000. Walau
bagaimanapun, usia persaraan bagi skim bantuan Perumahan akan kekal pada usia 56 tahun yang akan dibayar apabila mencapai usia 56 tahun,
tanpa mengira sama ada kakitangan meneruskan perkhidmatan sehingga usia persaraan minimum 60 tahun atau tidak. Tiada manfaat akan
dibayar bagi perkhidmatan dari usia 55 hingga 60 tahun.
Pelan manfaat tertakrif bagi anak syarikat di Indonesia dilaksana berdasarkan Undang-undang Buruh Indonesia No. 13/2003, manakala
anak syarikat di Thailand pula dilaksana berdasarkan Pelan Pemberhentian Di Sisi Undang-undang di mana syarikat dikehendaki membayar
bayaran pemberhentian di sisi undang-undang kepada kakitangan yang meninggalkan pekerjaan apabila mereka mencapai usia persaraan atau
diberhentikan oleh syarikat tanpa sebab.
Pergerakan jumlah diiktiraf dalam penyata kedudukan kewangan Kumpulan dan Syarikat pada tahun kewangan ini adalah seperi berikut:
Pada 1 Januari
Pengiktirafan pelan manfaat tertakrif semasa perpindahan
kakitangan dari sebuah syarikat berkaitan
Pengambilalihan anak syarikat
Dicaj ke keuntungan atau kerugian
Manfaat dibayar
Ukuran semula
Pada 31 Disember
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
19,429
492
186
24
-
16,026
563
(1,544)
212
18,645
-
2,523
(3,279)
1,048
-
-
(32)
(34)
(19)
21
141
34,686
19,429
101
186
439
47
Kumpulan Syarikat
2013
2012
2013
2012
RM000
RM000
RM000
RM000
Nilai semasa obligasi tidak ditabung
34,474
18,381
120
45
Ukuran semula:
- Perubahan andaian kewangan
(96)
934
(1)
13
- Pelarasan pengalaman
308
114
(18)
128
212 1,048 (19) 141
Liabiliti bersih
34,686
19,429
101
186
Jumlah diiktiraf dalam keuntungan atau kerugian adalah seperti berikut:
Kos perkhidmatan semasa
Kos faedah
Kos perkhidmatan lepas
Perbelanjan diiktiraf dalam keuntungan atau kerugian
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
1,711
886
(2,034)
1,397
1,126
-
(42)
10
-
15
6
-
563
2,523
(32)
21
Obligasi manfaat ditakrif bagi Kumpulan mengikut negara adalah seperti berikut:
Obligasi nilai semasa:
- Malaysia
- Indonesia
- Thailand
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
33,901
19,429
101
186
560 - - 225
-
-
34,686 19,429
101
186
Andaian aktuari utama yang digunakan bagi manfaat persaraan ditakrif tidak bertabung Kumpulan dan Syarikat adalah seperti berikut:
Kadar diskaun
Jangkaan kadar kenaikan gaji
Kumpulan Syarikat
2013
2012
2013
%
%
%
4.25-9.75
5.00-10.00
5.25-7.00
6.00-10.00
5.25
5.00
2012
%
6.25
6.00
440
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
47
48
Kurang
daripada Antara Antara Lebih 5
satu tahun
1 2 tahun
2 5 tahun
tahun
RM000
RM000
RM000
RM000
Jumlah
RM000
843
1,555
5,417
143,303
151,118
1,112
4,481
7,519
39,857
52,969
CUKAI TERTUNDA
Aset dan liabiliti cukai tertunda diimbangi apabila wujud hak dikuatkuasakan secara undang-undang untuk mengimbangi aset cukai semasa
dengan liabiliti cukai semasa, dan apabila cukai tertunda ada kaitan dengan pihak berkuasa cukai yang sama. Jumlah berikut, seperti yang
ditentukan selepas melalui imbangan sewajarnya, ditunjukkan dalam penyata kedudukan kewangan:
Tertakluk kepada cukai pendapatan
- Aset cukai tertunda
- Liabiliti cukai tertunda
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
1,281,465
(620,192)
1,479,710
(91,461)
21,257
-
2012
RM000
6,435
-
441
48
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
1,150,477
1,339,716
18,035
6,435
130,988
139,994
3,222
1,281,465 1,483,627
21,257
6,435
617,629
98,025
2,563
2,436
620,192
91,461
661,273
1,388,249
21,257
6,435
1,388,249
(112,784)
(6,435)
(7,933)
1,388,249
(21,257)
(6,435)
442
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
48
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
9,164
28,024
7,953
5,371
1,172,466
56,168
120,802
29,741
11,168
8,721
6,887
2,768
1,416,192
7,974
80,137
2,249
2012
RM000
-
-
-
-
-
1,502
18,919
-
1,835
5,138
-
1,429,689
1,536,096
20,421
6,973
(148,224)
(56,386) 836 (538)
1,281,465 1,479,710
(18,947)
(724,887)
(2,306)
(18,010)
(2,864)
(1,402)
(19,615)
(125,012)
(2,306)
-
(34)
(880)
21,257
6,435
(33)
(1,369)
-
-
-
-
(526)
(12)
-
(768,416)
(147,847)
(1,481)
(538)
148,224 56,386 1,481 538
(620,192) (91,461)
Jumlah perbezaan sementara boleh ditolak dan kerugian cukai tidak digunakan (sebahagian kecil mempunyai tarikh luput dari 2029 hingga
2033 (2012: dari 2029 hingga 2032)) di mana tiada aset cukai tertunda diiktiraf dalam penyata kedudukan kewangan anak-anak syarikat tertentu
kerana para Pengarah berpendapat bahawa tiada kemungkinan keuntungan boleh cukai yang mencukupi akan tersedia untuk membolehkan
aset cukai tertunda digunakan seperti berikut:
Kumpulan
2013
RM000
Kerugian cukai tidak digunakan
369,431
49
2012
RM000
244,634
443
50
BELUM BAYAR
Pemiutang perdagangan
Belum bayar lain dan akruan
Jumlah belum bayar secara kontrak (Nota 51)
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
468,737
879,526
921
27,507
321,181
-
-
19,705
-
2012
RM000
32,235
-
Termasuk dalam belum bayar lain ialah wang tertahan berjumlah RM17,727,000 (2012: RM10,852,000), yang secara kontraknya cukup tempoh
dalam masa 1 hingga 12 bulan berikutnya (2012: 1 hingga 12 bulan).
Belum bayar tersebut adalah dalam nilai wang berikut:
- Ringgit Malaysia
- Dolar Amerika Syarikat
- Dolar Kanada
- Baht Thai
- Rupee Pakistan
- Rupiah Indonesia
- Lain-lain
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
1,048,289
304,301
19,705
32,235
266,047
21,873
-
25,695
22,211
-
3,059 - - -
1,386
-
-
4,568
303
-
140 - - 1,349,184 348,688 19,705 32,235
Tempoh kredit pemiutang perdagangan adalah sehingga 95 hari (2012: sehingga 60 hari).
Nilai saksama belum bayar bersamaan dengan nilai bawaan masing-masing kerana kesan pendiskaunan adalah tidak ketara.
51
KONTRAK PEMBINAAN
Kos ditanggung sehingga kini
Keuntungan tolak kerugian boleh diramal
Tolak: Pengebilan berperingkat
Kumpulan
2013
RM000
5,638
(921)
40,155
4,818
44,973
(40,256)
4,717
4,717
444
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
52
INSTRUMEN KEWANGAN
Instrumen kewangan mengikut kategori
Kumpulan
31 December 2013
Aset pada
Nilai saksama
melalui
Pinjaman dan keuntungan
Tersedia
belum terima
dan kerugian
untuk dijual
RM000
RM000
RM000
Aset seperti dalam penyata kedudukan kewangan
Aset kewangan tersedia untuk dijual
Penghutang perdagangan dan belum terima lain tidak
termasuk prabayaran
Jumlah belum terima daripada pemegang saham penting
Jumlah belum terima daripada usahasama
Jumlah belum terima daripada syarikat bersekutu
Jumlah belum terima daripada syarikat berkaitan lain
Aset kewangan pada nilai saksama melalui keuntungan
atau kerugian
Instrumen kewangan derivatif
Tunai dan kesetaraan tunai
Jumlah
Jumlah
RM000
211,575
211,575
1,280,017
81,923
421,838
37
29,060
-
-
-
-
-
-
-
-
-
-
1,280,017
81,923
421,838
37
29,060
-
-
5,028,873
12,955
3,499
-
-
-
-
12,955
3,499
5,028,873
6,841,748
Liabiliti seperti dalam penyata kedudukan kewangan
Jumlah belum bayar kepada pemegang saham penting
Jumlah belum bayar kepada usahasama
Jumlah belum bayar kepada syarikat berkaitan lain
Pinjaman
Liabiliti LLA
Instrumen kewangan derivatif
Pemiutang perdagangan dan belum bayar lain tidak termasuk liabiliti
bukan kewangan
Jumlah
Liabiliti pada
Liabiliti
nilai saksama
kewangan
melalui
lain pada
keuntungan dan
kos
kerugian dilunaskan
RM000 RM000 RM000
-
386,921
386,921
-
23,000
23,000
-
4,723
4,723
- 4,347,700 4,347,700
4,844,390
-
4,844,39
15,361
-
15,361
-
1,145,288
1,145,288
445
52
-
-
-
-
5,189
-
665,362
73,091
318,224
503,650
5,189
5,688,372
5,189 7,253,888
Liabiliti Liabiliti
pada nilai
kewangan
saksama melalui
lain pada
keuntungan
kos
dan kerugian
dilunaskan
Jumlah
RM000 RM000 RM000
Liabiliti seperti dalam penyata kedudukan kewangan
Jumlah belum bayar kepada pemegang saham penting
-
93,826
93,826
Jumlah belum bayar kepada syarikat bersekutu
-
69,510
69,510
-
755,023
755,023
Jumlah belum bayar kepada syarikat berkaitan lain
Pinjaman
- 2,439,940 2,439,940
5,664,769
-
5,664,769
Liabiliti LLA
Instrumen kewangan derivatif
1,668
-
1,668
Pemiutang perdagangan dan belum bayar lain tidak termasuk liabiliti bukan kewangan
-
244,308
244,308
Jumlah 5,666,437 3,602,607 9,269,044
Syarikat
31 Disember 2013
Pinjaman dan
belum bayar
RM000
Aset seperti dalam penyata kedudukan kewangan
Penghutang perdagangan dan belum terima lain tidak termasuk prabayaran
174,532
Jumlah belum terima daripada pemegang saham penting
377
Jumlah belum terima daripada anak syarikat
58,584
Jumlah belum terima daripada syarikat berkaitan lain
61
Tunai dan kesetaraan tunai
1,902,463
Jumlah 2,136,017
446
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
52
Liabiliti
kewangan
lain pada kos
dilunaskan
RM000
Liabiliti seperti dalam penyata kedudukan kewangan
19,705
Penghutang perdagangan dan belum bayar lain tidak termasuk liabiliti bukan kewangan
Jumlah belum bayar kepada pemegang saham penting
3,833
Jumlah belum bayar kepada anak syarikat
88,734
Jumlah belum bayar kepada syarikat berkaitan lain
563
Jumlah 112,835
31 Disember 2012
Pinjaman dan
belum terima
RM000
Aset seperti dalam penyata kedudukan kewangan
Penghutang perdagangan dan belum terima lain tidak termasuk prabayaran
299,314
Jumlah belum terima daripada pemegang saham penting
52,442
Jumlah belum terima daripada anak syarikat
39,447
Jumlah belum terima daripada syarikat berkaitan lain
63,776
Tunai dan kesetaraan tunai
4,183,705
Jumlah 4,638,684
Liabiliti
kewangan
lain pada kos
dilunaskan
RM000
Liabiliti seperti dalam penyata kedudukan kewangan
Pemiutang perdagangan dan belum bayar lain tidak termasuk liabiliti bukan kewangan
32,235
Jumlah belum bayar kepada pemegang saham penting
66
Jumlah belum bayar kepada anak syarikat
78,676
Jumlah belum bayar kepada syarikat bersekutu
69,510
Jumlah belum bayar kepada syarikat berkaitan lain
1,430
Jumlah 181,917
447
53
Pembelian barangan dan perkhidmatan, termasuk penggunaan utiliti dan kemudahan awam
Penempatan deposit bank dengan institusi-institusi kewangan berkaitan kerajaan
Urus niaga ini dilaksanakan dalam perjalanan lazim perniagaan Kumpulan berasaskan kepada terma komersial secara konsisten selaras
menurut dasar dan proses-proses dalaman Kumpulan. Syarat-syarat ini tidak bergantung kepada sama ada pihak berurusan itu adalah entitientiti berkaitan kerajaan atau tidak.
Pada 27 Disember 2013, FHB telah menjadi anak syarikat milik penuh Syarikat. Pada tahun sebelumnya, FHB adalah sebuah syarikat bersekutu
Syarikat. Bagi penyata pendapatan komprehensif yang disatukan Kumpulan bagi tahun kewangan berakhir 31 Disember 2013, urus niaga
dengan FHB dan kumpulan syarikatnya dianggap sebagai urus niaga dengan syarikat bersekutu. Bagi penyata kedudukan kewangan disatukan
Kumpulan pada 31 Disember 2013, FHB dan kumpulan syarikatnya dianggap sebagai anak syarikat Kumpulan.
Pihak-pihak berkaitan dan hubungannya diringkaskan seperti berikut:
(i)
Anak-anak syarikat
Felda Global Ventures Plantations (Malaysia) Sdn. Bhd. (FGVPM)
Kilang Gula Felda Perlis Sendirian Berhad (KGFP)
Felda Global Ventures Perlis Sdn. Bhd. (FGV Perlis)
Twin Rivers Technologies Holdings, Inc (TRTH)
Twin Rivers Technologies Holdings Enterprise De Transformation De Graines Oleagineuses (TRT ETGO)
Felda Global Ventures Downstream Sdn. Bhd. (FGVD)
Felda Global Ventures North America Sdn. Bhd. (FGVNA)
Felda Global Ventures Plantations Sdn. Bhd. (FGVP)
Felda Global Ventures Shared Service Centre Sdn. Bhd. (FGVSSC)
Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK)
Felda Holdings Berhad (FHB)
Pontian United Plantations Berhad (PUP)
Delima Oil Products Sdn. Bhd. (DOPSB)
Felda Agricultural Services Sdn. Bhd. (FASSB)
Felda Kernel Products Sdn. Bhd. (FKPSB)
Felda Marketing Services Sdn. Bhd. (FELMA)
Felda Palm Industries Sdn. Bhd. (FPISB)
Felda Plantations Sdn. Bhd. (FPSB)
Felda Prodata Systems Sdn. Bhd. (FPSSB)
Felda Rubber Industries Sdn. Bhd. (FRISB)
Felda Security Services Sdn. Bhd. (FSSSB)
FPM Sdn. Bhd. (FPMSB)
Felda Vegetable Oil Products Sdn. Bhd. (FVOPSB)
Felda Travel Sdn. Bhd. (Felda Travel)
(ii)
Entiti-entiti usahasama
Bunge ETGO L.P. (Bunge ETGO)
Felda Iffco Sdn. Bhd. (FISB)
448
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
53
(a)
Hubungan
FELDA
Felda Iffco Inc (FINA)
(i) Urus niaga dengan anak-anak syarikat
Jualan pelaburan dalam FISB kepada FGVD
Jualan pelaburan dalam FGVNA kepada FGVD
Jualan pelaburan dalam FGVK kepada FGVP
Pengagihan modal kepada FGVP dan FGVSSC
Dividen diterima daripada anak-anak syarikat
Yuran pengurusan diterima daripada
anak-anak syarikat
(ii)
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
273,819
94,941
632,100
188,583
283,400
529,895
23,830
38,731
21,782
2,189,549
59,575
1,914,338
-
-
76,863
173,279
23,718
2,242,503
2,388,338
38,280
54,464
2,750,741
27,143
2,316,189
-
-
-
121,455
52,051
88,637
52,051
88,637
82,938
52,440
52,440
449
53
(b)
(i) Urus niaga dengan syarikat bersekutu
Yuran pengurusan dicaj oleh FHB
(ii)
(iii)
(c)
(d)
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2012
RM000
55,909
89,369
42,216
74,267
61,353
229,129
306,179
524,998
33,959
6,977,255
16,450
35,130
7,022,703
16,000
-
-
2,281
1,628
11,606
16,895
56,556
13,874
40,481
9,163
292
-
9
-
12,340
93,085
91,174
93,085
91,174
16,902
17,931
325,894
388,103
29,377
134,623
274,476
1,135
40,597
58,190
(i)
Urus niaga antara anak-anak syarikat
dan lain-lain agensi kerajaan
450
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
53
(e)
Kakitangan pengurusan utama terdiri daripada Pengarah dan pengurusan kanan dengan jawatan Naib Presiden dan ke atas, mempunyai
kuasa dan tanggungjawab untuk merancang, mengenali dan mengawal kegiatan Kumpulan sama ada secara langsung atau tidak
langsung.
Jumlah agregat emolument yang diterima/belum terima oleh kakitangan pengurusan utama Kumpulan dan Syarikat pada tahun ini adalah
seperti berikut:
Yuran
Gaji dan bonus
Pelan persaraan caruman tertakrif
Lain-lain manfaat kakitangan jangka pendek
(f)
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
2,707
16,097
3,388
1,912
2,568
14,311
2,124
64
2,039
14,737
3,144
1,798
2012
RM000
1,712
11,639
1,980
64
Pinjaman belum bayar daripada Felda Iffco Inc., anak syarikat sebuah usahasama. Terma-terma dan syarat-syarat pinjaman
tersebut dinyatakan dalam Nota 26 kepada penyata kewangan.
Kumpulan
2013
RM000
Pada 1 Januari
-
Perbezaan pertukaran matawang
1,917
Tolak: Rosot nilai
(1,917)
Pada 31 Disember
-
(ii)
27,926
(974)
(26,952)
-
Pinjaman belum bayar kepada pemegang saham penting. Terma-terma dan syarikat-syarikat pinjaman dinyatakan dalam Nota 44
kepada penyata kewangan.
Pada 1 Januari
Tambahan
Bayaran balik
Perbelanjaan faedah
Faedah dibayar
Pada 31 Disember
2012
RM000
1,840,271
451
53
(f)
Kumpulan
2013
2012
RM000
RM000
Pada 1 Januari
75,306
45,520
Pengagihan
- 29,552
Bayaran balik
(75,033)
(273)
234
Perbezaan pertukaran matawang
Pada 31 Disember
-
75,306
54 KOMITMEN
(a)
Kumpulan memajak premis, gerabak kereta api, tangki simpanan, kemudahan penyimpanan makanan dan peralatan tertentu
daripada pelbagai pihak di bawah perjanjian pajakan operasi.
Tiada di antara pajakan tersebut meliputi sewaan luar jangka. Tiada had dikenakan ke atas Kumpulan apabila memeterai urus janji
pajakan berkenaan.
Agregat bayaran pajakan minimum masa depan di bawah pajakan operasi tidak boleh dibatal adalah seperti berikut:
Kumpulan
2013
2012
RM000
RM000
Dalam tempoh 1 tahun
6,306
13,558
13,669
12,432
Antara 1 hingga 2 tahun
Antara 2 hingga 3 tahun
11,821
11,480
Antara 3 hingga 4 tahun
9,933
10,776
Antara 4 hingga 5 tahun
9,591
9,844
Lebih daripada 5 tahun
39,270
52,755
90,590 110,845
Bayaran pajakan diiktiraf dalam untung atau rugi pada tahun kewangan ini berjumlah RM6,659,000 (2012: RM9,887,000).
452
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
54
KOMITMEN (Cond.)
(a)
Penerimaan pajakan operasi mewakili sewa belum terima oleh Kumpulan bagi tangki minyak asli dan sistem saluran paip minyak
yang disewakan.
Agregat belum terima pajakan minimum di bawah pajakan operasi tidak boleh dibatal adalah seperti berikut:
Kumpulan
2013
2012
RM000
RM000
Dalam tempoh 1 tahun
1,008
1,165
Antara 1 hingga 2 tahun
439
1,043
Antara 2 hingga 3 tahun
-
498
1,447 2,706
Pendapatan sewa diiktiraf dalam keuntungan atau kerugian pada tahun kewangan berjumlah RM309,000 (2012: RM1,312,000).
(b)
Komitmen Modal
Kumpulan
2013
RM000
Perbelanjaan modal dilulus dan dikontrakkan:
- Hartanah, loji dan peralatan
444,787
- Aset biologi
10,639
- Aset tidak nyata
1,367
2012
RM000
92,507
-
-
413,930
66,101
296,724
31,963
85,629
1,022,453 421,194
55
Pada 3 September 2010, FPISB dan FELDA telah disaman oleh 514 peneroka Skim Felda Serting dan 252 peneroka Skim Felda Gugusan
Raja Alias di Jempol, Negeri Sembilan atas dakwaan pemalsuan dan manipulasi kadar perahan minyak sawit. Tuntutan berjumlah RM15.4
juta itu adalah bagi tahun 2008 sahaja. Perkara ini masih dalam proses perbicaraan dan akan dibicarakan pada 5, 8 dan 9 Mei 2014.
(ii)
Pada 12 Julai 2011, FPISB dan FELDA telah disaman oleh 711 peneroka Felda Jengka 1 hingga 25 dan Felda Sg. Tekam di Temerloh,
Pahang (Jengka A) atas dakwaan pemalsuan dan manipulasi kadar perahan minyak sawit. Tuntutan berjumlah RM22.9 juta itu bagi tahun
2008 sahaja. Kes ini telah dipanggil untuk sebutan pada 18 September 2013 dan Hakim telah memerintahkan Plaintif supaya menentukan
siapakah sebenarnya yang mempunyai locus standi kepada saman ini dan menentukan Plaintif manakah yang telah menandatangani
perjanjian dengan Felda. Perkara ini kini ditetapkan untuk perbicaraan pada 8 sehingga 11 Julai 2014.
(iii) Pada 10 November 2011, FPISB dan FELDA telah disaman oleh 365 peneroka Felda Jengka 1 hingga 7, 10, 13 hingga 19, 23 hingga 24,
Felda Ulu Jempol dan Felda Sg. Tekam Utara (Jengka B) atas dakwaan pemalsuan dan manipulasi kadar perahan minyak sawit. Tuntutan
berjumlah RM11.7 juta itu adalah bagi tahun 2008 sahaja. Pada 19 April 2012, Mahkamah telah membenarkan permohonan oleh FELDA
dan FPISB untuk membatalkan 20 Plaintif dengan kos. Perkara ini kini ditetapkan untuk perbicaraan pada 11 sehingga 15 Ogos 2014.
453
55
Pada 10 Mei 2012, FPISB dan FELDA telah disaman oleh 770 peneroka Rancangan Felda Chini 1 hingga 5 dan Rancangan Felda Chini Timur
1 hingga 3 di Pahang atas dakwaan pemalsuan dan manipulasi kadar perahan minyak sawit. Tuntutan berjumlah RM24.8 juta itu adalah
bagi tahun 2008 sahaja. FPISB telah memfailkan Memorandum Kehadiran di Mahkamah Tinggi pada 16 Mei 2012 dan mahkamah telah
menetapkan 2 hingga 13 Jun 2014 untuk pengurusan kes bagi menetapkan tarikh perbicaraan.
(vi) Pada 5 Jun 2012, FPISB dan FELDA telah disaman oleh 956 peneroka Rancangan Felda Keratong 1 hingga 10 atas dakwaan pemalsuan
dan manipulasi kadar perahan minyak sawit. Tuntutan berjumlah RM30.9 juta itu adalah bagi tahun 2008 sahaja. FPISB telah memfailkan
Memorandum Kehadiran di Mahkamah Tinggi pada 26 Jun 2012 dan perkara tersebut kini ditetapkan untuk perbicaraan pada 2 hingga 13
Jun 2014.
(vii) Pada 25 Januari 2013, FPISB dan FELDA telah disaman oleh 351 peneroka Rancangan Felda Mempaga atas dakwaan pemalsuan dan
manipulasi kadar perahan minyak sawit. Tuntutan berjumlah RM11.3 juta itu adalah bagi tahun 2008 sahaja. Mahkamah Tinggi Temerloh
menetapkan perkara tersebut untuk perbicaraan pada 22 hingga 26 September 2014.
Berasaskan kepada maklumat yang tersedia dan nasihat perundangan yang diterima, para Pengarah berpendapat bahawa terdapat peluang yang
munasabah untuk membela semua tuntutan di atas dan oleh itu, tiada peruntukan dibuat di dalam penyata kewangan.
56
Pada 29 Januari 2013, Syarikat mengumumkan persetujuannya terhadap Tawaran Umum Sukarela (VGO) bagi Tradewinds (M) Berhad
(Tradewinds) pada harga tawaran tunai sebanyak RM9.30 bagi setiap tawaran saham.
Pada 28 Februari 2013, pelupusan sebanyak 20% kepentingan ekuiti dalam Tradewinds telah diselesaikan dengan bayaran berjumlah
RM551.43 juta, yang menghasilkan keuntungan atas pelupusan sebanyak RM26.67 juta bagi Kumpulan dan RM343.82 juta bagi Syarikat.
(b)
Pada 17 April 2013, Felda Global Ventures Downstream Sdn. Bhd. (FGVD), sebuah anak syarikat milik penuh Syarikat, memeterai
Perjanjian Pembelian Aset dengan Mission Biotechnologies Sdn. Bhd. untuk mengambilalih asetnya; termasuk sebuah penapis biodiesel di
Pelabuhan Kuantan pada harga USD11.5 juta (RM36.9 juta). Pengambilalihan ini telah diselesaikan pada 9 Oktober 2013.
(c)
Pada 28 Jun 2013, Twin Rivers Technologies Enterprises De Transformation De Graines Oleagineuses Due Quebec Inc. (TRT ETGO), sebuah
anak syarikat milik penuh Twin Rivers Technologies Enterprises Holdings De Transformation De Graines Oleagineuses Du Quebec Inc.
(TRTH ETGO), yang sebaliknya merupakan anak syarikat milik penuh Syarikat melalui FGVD dan Felda Global Ventures North America
Sdn. Bhd. (FGVNA) telah menamatkan usahasamanya dengan Bunge Ventures Canada L.P. (Bunge), yang merangkumi perniagaan
usahasama tersebut dan membubar entiti usahasama berkenaan serta menamatkan beberapa perjanjian dan urus janji di kalangan pihakpihak yang ada kaitan dengan usahasama tersebut; termasuk perjanjian pengetolan yang dimeterai antara Bunge ETGO L.P. dan TRT ETGO.
Pihak-pihak tersebut telah memeterai Perjanjian Penamatan dengan menetapkan cara bagaimana usahasama dan perkongsian tersebut
akan digulung dan dibubarkan.
Perniagaan usahasama tersebut telah ditamatkan pada 31 Ogos 2013 dan entiti berkenaan dibubarkan pada 30 November 2013.
(d)
Pada 9 Julai 2013, Felda Global Ventures Kalimantan Sdn. Bhd. (FGVK), sebuah anak syarikat milik penuh Kumpulan telah memeterai
Perjanjian Pembelian Saham untuk mengambilalih 1,187 saham berharga Rp1,000,000 sesaham dalam modal saham PT Temila Agro Abadi
(PT TAA), yang mewakili 95% daripada jumlah keseluruhan modal saham terbitan dan berbayar penuh PT TAA daripada para pemegang
saham sedia ada PT TAA yang terdiri daripada Paul Sugandi, Janti Susanto, Evelyn Suwandi dan Yenny Suwandi, kesemuanya warga negara
Indonesia, dengan jumlah bayaran sebanyak US$8,075,000 (RM25,916,713).
Selepas pengambilalihan tersebut diselesaikan, PT TAA akan menjadi sebuah anak syarikat 95% milik FGVK. Paul Sugandi akan memegang
5% kepentingan ekuiti dalam PT TAA selepas cadangan pengambilalihan PT TAA selesai. Pada 31 Disember 2013, FGVK telah membayar
deposit sebanyak RM9.06 juta.
(e)
Pada 9 Julai 2013, FGVK telah memeterai Perjanjian Jual Beli Saham Bersyarat untuk mengambilalih 285 saham berharga Rp1,000,000
sesaham dalam modal saham PT. Landak Bhakti Palma (PT LBP), mewakili 95% daripada jumlah keseluruhan modal saham terbitan dan
berbayar penuh PT LBP, daripada para pemegang saham sedia ada PT LBP yang terdiri daripada Lidya, Timotius Sintrajaya dan Joko Sintra
Jaya, kesemuanya warga negara Indonesia, dengan jumlah bayaran sebanyak RM18,302,700.
Selepas cadangan pengambilalihan PT LBP diselesaikan, PT LBP akan menjadi sebuah anak syarikat 95% milik FGVK. Joko Sintra Jaya akan
memegang 5% kepentingan ekuiti dalam PT LBP selepas cadangan pengambilalihan PT LBP selesai. Pada 31 Disember 2013, FGVK telah
membayar deposit sebanyak RM3.66 juta.
454
NOTA-NOTA KEPADA PENYATA KEWANGAN
BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2013
56
Pada 18 Julai 2013, AmInvestment Bank, bagi pihak Syarikat, telah mengemukakan Notis Tawaran Mengambilalih Bersyarat Secara
Sukarela (Tawaran) untuk mengambilalih 100% kepentingan ekuiti berharga RM1.00 sesaham dalam Pontian United Plantations Berhad
(PUP) dengan bayaran tunai sebanyak RM140.00 sesaham tawaran. Cadangan pengambilalihan PUP melalui Tawaran ini adalah sejajar
dengan rancangan Kumpulan untuk meluaskan perniagaan perladangan kelapa sawitnya.
Pada 20 September 2013, Syarikat menerima persetujuan sah sebanyak 8,648,280 saham Pontian, mewakili 100% daripada modal
saham terbitan dan berbayar PUP dengan bayaran tunai sebanyak RM1,203.84 juta atau RM139.20 sesaham. Pengambilalihan PUP telah
diselesaikan pada 1 Oktober 2013 dan semua Saham PUP telah didaftarkan atas nama Syarikat.
(g)
Pada 18 Oktober 2013, Syarikat dan Koperasi Permodalan Felda Malaysia Berhad (KPF) telah melaksanakan Perjanjian Pembelian
Saham Bersyarat untuk mengambilalih 112,199,999 saham dalam Felda Holdings Berhad (FHB), sebuah syarikat bersekutu Syarikat
yang mewakili baki 51% kepentingan ekuiti dalam FHB, daripada KPF dengan bayaran sebanyak RM2.20 bilion atau RM19.61 sesaham
FHB. Pengambilalihan ini telah diselesaikan pada 27 Disember 2013.
(h)
Pada 30 Oktober 2013, FGVD menandatangani Memorandum Persefahaman (MOU) tidak terikat dengan Cambridge Nanosytems Limited
(CNL), sebuah syarikat yang diperbadankan di Fullborn, Cambridge, United Kingdom bagi meneroka kemungkinan menjalin hubungan
permuafakatan berkaitan sebuah cadangan usahasama. Ia akan dilaksanakan melalui cadangan pengambilalihan tujuh puluh peratus
(70%) modal saham terbitan CNL oleh FGVD yang akan dipenuhi dengan bayaran sebanyak GBP10 juta (RM54.13 juta), bagi menjalankan
pengeluaran, pengilangan, pemasaran, penjualan dan/atau perdagangan tiub nano karbon dan grafin bergred tinggi daripada minyak sawit
mentah dan metana sebagai bahan suapan dengan menggunakan teknologi tertentu.
MOU ini menetapkan persefahaman dan hasrat pihak-pihak berkenaan sepanjang tempoh penerokaan interim. MOU ini akan kekal sah
selama enam (6) bulan atau pada tempoh yang dilanjutkan seperti dipersetujui secara bertulis oleh pihak-pihak berkenaan. Pada 31
Disember 2013, Kumpulan telah membayar GBP4 (RM22) dan mendapat kawalan ke atas CNL.
(i)
Pada 13 November 2013, FGVD telah memeterai sebuah usahasama dan perjanjian pemegang saham dengan Lipidventure Sdn. Bhd.
untuk menubuhkan sebuah syarikat usahasama bagi menjalankan pembangunan, pembinaan, fabrikasi dan pengendalian sebuah loji di
Kuantan, Pahang bagi mengeluarkan tokotrienol (vitamin E) daripada minyak sawit luntur bertapis.
(j)
57
58
Syarikat usahasama, FGV Lipid Venture Sdn. Bhd. telah ditubuhkan pada 23 November 2013. P
erniagaan usahasama ini dijangka akan
dimulakan pada suku keempat tahun kewangan berakhir 31 Disember 2015.
Melalui pemberian pampasan yang dibuat secara bertulis bertarikh 31 Disember 2013, Kerajaan Negeri Perlis bersedia untuk membayar
sebanyak RM43.04 juta sebagai pampasan pengambilalihan wajib tanah di Lot 194 Mukim Chuping, Perlis daripada sebuah anak syarikat
milik Syarikat. Kesannya, keuntungan daripada pelupusan sebanyak RM4,508,000 telah diiktiraf.
Pada 14 Januari 2014, sebuah anak syarikat FGVD, CNL, telah menandatangani Perjanjian Pembelian Saham bagi mengambilalih GasPlas
AS (GP), pada harga belian GBP5.9 juta (RM31.9 juta). GP ialah sebuah syarikat yang diperbadankan di Norway dan melalui anak syarikat
milik penuhnya, EnPlas Ltd yang diperbadankan di United Kingdom dan berpangkalan di Norwich, secara kolektif memegang paten dan
memiliki reaktor Micro-Wave Plasma yang akan digunakan untuk mengeluar tiub nano karbon dan grafin bergred tinggi menggunakan
minyak sawit mentah dan metana sebagai bahan suapan melalui penggunaan teknologi tertentu. Pengambilalihan GP oleh CNL telah
diselesaikan pada 16 Januari 2014.
(b)
Pada 8 Mac 2014, FGV Myanmar (L) Pte Ltd, sebuah anak syarikat milik penuh Syarikat telah memeterai perjanjian usahasama dengan
Pho La Min Trading Company Limited (PLM) untuk menubuhkan syarikat usahasama di Republik Kesatuan Myanmar bagi menjalankan
perniagaan perladangan getah, pemprosesan, penjualan dan pemasaran getah serta aktiviti iringan dan sampingan lain yang berkaitan
dengannya serta pengubahsuaian dan/atau pengembangan daripadanya; sepertimana dipersetujui oleh pihak-pihak berkenaan
(usahasama yang dicadangkan).
Jika tidak berlaku sebarang keadaan di luar jangkaan, usahasama yang dicadangkan ini dijangka akan diselesaikan pada suku keempat
tahun kewangan berakhir 2014.
455
MAKLUMAT TAMBAHAN
Kumpulan Syarikat
2013
2012
2013
RM000
RM000
RM000
4,090,421
(249,888)
21,920
31,624
2012
RM000
329,741
18,940
259,346
5,488
(75,625)
(63,380)
(99,476)
9,958
(139,005) (89,518)
(2)
-
2,085,575
(68,337)
(2) 2,017,238
(2,022,376)
(789,446)
-
-
-
-
Bahagian tidak direalisasi pendapatan tersimpan meliputi perbelanjaan cukai tertunda, keuntungan bersih terkumpul timbul daripada
instrumen kewangan pada nilai saksama melalui keuntungan dan kerugian dan terjemahan keuntungan dan kerugian daripada item berbentuk
wang dalam nilai matawang lain selain Ringgit Malaysia.
456
Additional disclosure
UTILISATION OF PROCEEDS
The gross proceeds received from the Initial Public Offering of RM4,459 million in conjunction with the Companys listing on the Main Market of Bursa
Securities on 28 June 2012 have been utilised as at 31 December 2013 in the following manner:
RM000
AMOUNT
UTILISED AS AT
31 DECEMBER
2013
RM000
BALANCE OF
IPO PROCEEDS
AS AT
31 DECEMBER
2013
RM000
ESTIMATED
TIMEFRAME FOR
UTILISATION
UPON LISTING
within 3 years
2,190,000
(1,220,176)
969,824
within 3 years
840,000
(840,000)
within 3 years
780,000
(450,832)
329,168
within 6 months
260,000
(260,000)
within 2 years
100,000
(69,330)
30,670
within 6 months
129,000
(129,000)
within 6 months
160,000
(160,000)
4,459,000
(3,129,338)
1,329,662
SHARE BUY-BACK
VARIATION IN RESULT
The Company did not make any proposal for share buy-back during the
financial year ended 31 December 2013.
There was no profit guarantee given by the Company during the financial
year ended 31 December 2013.
457
Pendedahan tambahan
PENGGUNAAN HASIL PEROLEHAN
Perolehan kasar yang diterima daripada Tawaran Awam Awal berjumlah RM4,459 juta selaras dengan penyenaraian Syarikat di Pasaran Utama Bursa
Sekuriti pada 28 Jun 2012, telah digunakan pada 31 Disember 2013 dalam cara berikut:
RM000
JUMLAH
DIGUNAKAN
SETAKAT
31 DISEMBER
2013
RM000
BAKI HASIL
PEROLEHAN
IPO SETAKAT
31 DISEMBER
2013
RM000
ANGGARAN JANGKA
MASA PENGGUNAAN
SELEPAS
PENYENARAIAN
2,190,000
(1,220,176)
969,824
840,000
(840,000)
780,000
(450,832)
329,168
260,000
(260,000)
100,000
(69,330)
30,670
129,000
(129,000)
160,000
(160,000)
4,459,000
(3,129,338)
1,329,662
JAMINAN KEUNTUNGAN
Tiada sebarang jaminan keuntungan yang telah diberikan oleh Syarikat
pada tahun kewangan berakhir 31 Disember 2013.
KONTRAK PENTING
Selain daripada yang dinyatakan di dalam penyata kewangan, tiada
kontrak penting termasuk kontrak yang berkaitan dengan mana-mana
pinjaman telah dimeterai oleh Syarikat dan anak-anak syarikatnya yang
melibatkan kepentingan para Pengarah dan pemegang saham utama.
DASAR PENILAIAN SEMULA
Syarikat tidak mempunyai dasar penilaian semula ke atas harta
tanahnya.
458
LOCATION
TENURE
YEAR
LEASE
EXPIRING
Sabah
Sahabat 07, Sahabat 30 ,Sahabat 40, Sahabat 41,
Sahabat 42, Sahabat 43, Sahabat 46, Sahabat 48,
Sahabat 50, Sahabat 51, Sahabat 52, Sahabat 53,
Sahabat 54, Sahabat 21, Sahabat 22, Sahabat
23, Sahabat 24, Sahabat 25, Sahabat 26, Sahabat
28, Sahabat 31, Sahabat 33, Sahabat 34, Sahabat
35, Sahabat 36, Sahabat 09, Sahabat 10, Sahabat
11, Sahabat 12, Sahabat 16, Sahabat 17, Sahabat
20, Sahabat 38, Sahabat 39, Sahabat 44, Sahabat
45, Sahabat 55, Sahabat 56, Kalabakan Selatan,
Kalabakan Utara 01, Umas 05, Umas 06, Tenegang,
Sahabat, Tawau, Lahad Datu, Umas, Baiduriayu,
Kalabakan, Embara Budi, Fajar Harapan, Merchu
Puspita, Hamparan Badai, Kembara Sakti, Nilam
Permata, Jeragan Bistari, Lanchang Kemudi
Leasehold
2111
117,030
1996-2013
687,808
Leasehold
2007 2111
143,902
1986-2013
336,668
Leasehold
2111
33,911
Oil palm
estates and
palm oil mill
and Margerine
Plant,
Warehouse,
Two Storey
Office
1988-2013
218,110
Canada
555 Alphone-Deshaies Boulevard Bcancour,
Qubec, G9H 2Y8, Canada
Freehold
Built up area:
6.76
Land area:
14.626
Canola and
soybean
crushing plant
and oil refinery
2008
140,354
APPROXIMATE
AREA (HECTARES)
DESCRIPTION
YEAR OF
ACQUISITION
NET BOOK
VALUE
(RM000)
459
LOCATION
TENURE
YEAR
LEASE
EXPIRING
Leasehold
2111
24,620
2012-2013
103,204
Leasehold
2061
4,340
2011
86,492
Leasehold
20612111
13,395
2012-2013
50,190
Freehold
Built up area:
4.38
Land area:
15.75
Production of
Fatty Acids,
Oleic Acids and
Stearic Acids,
Production
of Refined
Glycerine,
Transportation
of raw material
(tallow) and
finished
products
via railroad
connecting the
plant located
in Quincy and
Braintree train
station
1994
48,860
Negeri Sembilan
Palong 17, Palong 18, Palong 21, Serting Hilir 08,
Serting, Serting Hilir, Palong Timur, Pasoh
Leasehold
20232111
12,867
1986-2013
45,246
Perak
Besout 06, Besout 07, Lawin Tengah, Nenering 02,
Tawai 01, Tawai 02, Trolak, Besout
Leasehold
21032111
15,551
1986-2013
37,569
APPROXIMATE
AREA (HECTARES)
DESCRIPTION
YEAR OF
ACQUISITION
NET BOOK
VALUE
(RM000)
460
ANGGARAN
KELUASAN
(HEKTAR)
PENJELASAN
TAHUN
PENGAMBILALIHAN
NILAI
BUKU
BERSIH
(RM000)
LOKASI
TEMPOH
Sabah
Sahabat 07, Sahabat 30 ,Sahabat 40, Sahabat 41,
Sahabat 42, Sahabat 43, Sahabat 46, Sahabat 48,
Sahabat 50, Sahabat 51, Sahabat 52, Sahabat 53,
Sahabat 54, Sahabat 21, Sahabat 22, Sahabat
23, Sahabat 24, Sahabat 25, Sahabat 26, Sahabat
28, Sahabat 31, Sahabat 33, Sahabat 34, Sahabat
35, Sahabat 36, Sahabat 09, Sahabat 10, Sahabat
11, Sahabat 12, Sahabat 16, Sahabat 17, Sahabat
20, Sahabat 38, Sahabat 39, Sahabat 44, Sahabat
45, Sahabat 55, Sahabat 56, Kalabakan Selatan,
Kalabakan Utara 01, Umas 05, Umas 06, Tenegang,
Sahabat, Tawau, Lahad Datu, Umas, Baiduriayu,
Kalabakan, Embara Budi, Fajar Harapan, Merchu
Puspita, Hamparan Badai, Kembara Sakti, Nilam
Permata, Jeragan Bistari, Lanchang Kemudi
Pegangan
Pajakan
2111
117,030
Ladang kelapa
sawit dan kilang
minyak sawit
1996-2013
687,808
Pegangan
Pajakan
2007 2111
143,902
Ladang kelapa
sawit dan kilang
minyak sawit
1986-2013
336,668
Pegangan
Pajakan
2111
33,911
Ladang kelapa
sawit dan kilang
minyak sawit dan
Loji Marjerin,
Gudang, Pejabat
Dua Tingkat
1988-2013
218,110
Kanada
555 Alphone-Deshaies Boulevard Bcancour,
Qubec, G9H 2Y8, Canada
Milik
Bebas
Kawasan
Binaan: 6.76
Kawasan
Tanah: 14.626
Loji penghancur
kanola dan
kacang soya
dan penapisan
minyak
2008
140,354
461
TAHUN
LUPUT
PAJAKAN
ANGGARAN
KELUASAN
(HEKTAR)
PENJELASAN
TAHUN
PENGAMBILALIHAN
NILAI
BUKU
BERSIH
(RM000)
LOKASI
TEMPOH
Pegangan
Pajakan
2111
24,620
Ladang kelapa
sawit dan kilang
minyak sawit
2012-2013
103,204
Pegangan
Pajakan
2061
4,340
Tebu dan
perladangan
tanaman lain
2011
86,492
Pegangan
Pajakan
20612111
13,395
Ladang kelapa
sawit dan kilang
minyak sawit
2012-2013
50,190
Amerika Syarikat
740-760, 749-773, and 780 Washington Street,
Quincy, Massachusetts, 02169 United States of
America.
Milik
Bebas
Kawasan
Binaan: 4.38
Kawasan tanah:
15.75
Pengeluaran
Asid Lemak,
Asid Oleik dan
Asid Stearik,
Pengeluaran
Gliserin Halus,
Pengangkutan
bahan mentah
(tallow) dan
barang siap
melalui landasan
keretapi yang
menghubungkan
loji yang terletak
di stesen
keretapi Quincy
dan Braintree
1994
48,860
Negeri Sembilan
Palong 17, Palong 18, Palong 21, Serting Hilir 08,
Serting, Serting Hilir, Palong Timur, Pasoh
Pegangan
Pajakan
20232111
12,867
Ladang kelapa
sawit dan kilang
minyak sawit
1986-2013
45,246
Perak
Besout 06, Besout 07, Lawin Tengah, Nenering 02,
Tawai 01, Tawai 02, Trolak, Besout
Pegangan
Pajakan
21032111
15,551
Ladang kelapa
sawit dan kilang
minyak sawit
1986-2013
37,569
462
Analysis on Shareholdings
AS AT 24 APRIL 2014
: RM4,000,000,001 comprising 4,000,000,000 ordinary shares of RM1 each and 1 special share of RM1 each
RM3,648,151,501 comprising 3,648,151,500 ordinary shares of RM1 each and 1 special share of RM1 each
Class of Shares
:
Voting Right
172
39,493
0.35
81.49
1,001 to 10,000
6,528
13.47
28,454,980
0.78
10,001 to 100,000
1,855
3.83
55,307,650
1.52
1,458
31,730,726
0.00
0.87
412
0.85
1,151,319,911
31.56
0.01
2,381,336,775
65.27
48,466 100.00
3,648,151,500 100.00
180,000
0.00
Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
150,000
0.00
150,000
0.00
150,000
0.00
150,000
0.00
150,000
0.00
50,000
0.00
10
11
12
110,000
0.00
Note:
*
The shareholdings confirmation under the above omnibus account was being made on the assumption that there is/are no notification given by the
above holders to FGVH.
463
% of Shares
1.
729,629,800
20.00
2.
680,722,800
18.66
3.
283,710,100
7.78
4.
265,077,600
7.27
5.
257,394,600
7.05
6.
182,407,575
5.00
464
Analysis on Shareholdings
AS AT 24 APRIL 2014
No.
Name
No. of Shares
held
% of
Shares
1.
729,629,800
20.00
2.
680,722,800
18.66
3.
283,710,100
7.78
4.
261,123,900
7.16
5.
243,742,600
6.68
182,407,575
5.00
128,705,200
3.53
89,010,989
2.44
81,263,300
2.23
65,934,066
1.81
7.
8.
9.
10.
11.
54,352,200
1.49
12.
40,973,600
1.12
37,683,900
1.03
34,919,100
0.96
33,546,913
0.92
14.
15.
465
No.
Name
16.
No. of Shares
held
% of
Shares
33,034,357
0.91
29,686,100
0.81
BBH And Co Boston For Vanguard Emerging Markets Stock Index Fund
17.
18.
24,684,500
0.68
19.
20,869,113
0.57
SDB Asset Management Sdn Bhd For Ekuiti Yakinjaya Sdn Bhd
20.
19,980,200
0.55
21.
17,020,943
0.47
16,455,100
0.45
15,019,100
0.41
14,110,600
0.39
13,457,900
0.37
13,009,000
0.36
23.
24.
25.
26.
27.
10,800,000
0.30
28.
10,000,000
0.27
29.
10,000,000
0.27
9,832,700
0.27
466
Peratus
Bil. Pemegang
Pemegang
Peratus Modal
Saiz Pegangan Saham Saham Saham (%)
Bil. Saham Saham (%)
Kurang daripada 100
100 hingga 1,000
172
39,493
0.35
81.49
1,458
31,730,726
0.00
0.87
6,528
13.47
28,454,980
0.78
1,855
3.83
55,307,650
1.52
412
0.85
1,151,319,911
31.56
0.01
2,381,336,775
65.27
48,466 100.00
3,648,151,500 100.00
Kepentingan Langsung
Bil. Saham Dipegang
% Saham
180,000
0.00
Tan Sri Dato Sri Dr. Wan Abdul Aziz Wan Abdullah
150,000
0.00
150,000
0.00
150,000
0.00
150,000
0.00
150,000
0.00
50,000
0.00
10
11
12
110,000
0.00
Nota:
*
Pengesahan pegangan saham di bawah akaun omnibus dibuat berdasarkan andaian bahawa tiada pemberitahuan diberi oleh pemegang saham
di atas kepada FGVH.
467
% Saham
1.
729,629,800
20.00
2.
680,722,800
18.66
3.
283,710,100
7.78
4.
265,077,600
7.27
5.
257,394,600
7.05
6.
182,407,575
5.00
468
Bil.
Nama
Bil. Saham
dipegang
% Saham
1.
729,629,800
20.00
2.
680,722,800
18.66
3.
283,710,100
7.78
4.
261,123,900
7.16
5.
243,742,600
6.68
182,407,575
5.00
128,705,200
3.53
89,010,989
2.44
81,263,300
2.23
65,934,066
1.81
7.
8.
9.
10.
11.
54,352,200
1.49
12.
40,973,600
1.12
37,683,900
1.03
34,919,100
0.96
33,546,913
0.92
14.
15.
469
Bil.
16.
Nama
Bil. Saham
dipegang
% Saham
33,034,357
0.91
29,686,100
0.81
BBH And Co Boston For Vanguard Emerging Markets Stock Index Fund
17.
18.
24,684,500
0.68
19.
20,869,113
0.57
SDB Asset Management Sdn Bhd For Ekuiti Yakinjaya Sdn Bhd
20.
19,980,200
0.55
21.
17,020,943
0.47
16,455,100
0.45
15,019,100
0.41
14,110,600
0.39
13,457,900
0.37
13,009,000
0.36
23.
24.
25.
26.
27.
10,800,000
0.30
28.
10,000,000
0.27
29.
10,000,000
0.27
9,832,700
0.27
470
NOTICE OF
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT the Sixth (6th) Annual General Meeting of
Felda Global Ventures Holdings Berhad (FGV or the Company) will be held
at Dewan Merdeka, Level 4, Putra World Trade Centre, 41 Jalan Tun Ismail,
50480 Kuala Lumpur on 25 June 2014, at 11.00 a.m., or any adjournment thereof, for
the transaction of the following business:
AGENDA
As Ordinary Business
1.
To receive the Audited Financial Statements for the financial year ended 31 December 2013 together with the
Reports of the Directors and Auditors thereon.
Please refer to Note (1) of the Explanatory Notes on Ordinary Business
2.
To approve the payment of a Final Dividend of 10 sen per ordinary share, under single-tier system, in respect of the
financial year ended 31 December 2013.
3.
To re-elect the following Directors, each of whom retires in accordance with Article 88 of the Companys Articles
of Association:
i. Mohd Emir Mavani Abdullah
ii. Dato Yahaya Abd Jabar
4.
(Resolution 1)
(Resolution 2)
(Resolution 3)
To re-elect the following Directors, each of whom retires in accordance with Article 94 of the Companys Articles
of Association:
i.
ii.
iii.
iv.
v.
5.
To approve the payment of Directors fees of RM2,039,218 for the financial year ended 31 December 2013.
6.
To re-appoint Messrs. PricewaterhouseCoopers as auditors of the Company and to authorize the Directors to fix
their remuneration.
(Resolution 4)
(Resolution 5)
(Resolution 6)
(Resolution 7)
(Resolution 8)
(Resolution 9)
(Resolution 10)
471
As Special Business
To consider and if thought fit, to pass the following as Ordinary Resolution :
7.
(Resolution 11)
THAT all Recurrent Related Party Transactions of a revenue or trading nature entered into by the Company, its
subsidiaries or any of them with the Related Parties from 27 December 2013 up to the date of the Sixth (6th) Annual
General Meeting (AGM) were undertaken in the ordinary course of business, on arms length basis, on normal
commercial terms which were not more favourable to the related party than those generally available to the public
and were not detrimental to the minority shareholders of the Company, particulars of which are set out in Section
2 and Appendix 1 of the Circular to Shareholders dated 3 June 2014 (Circular), be and are hereby approved,
confirmed and ratified;
THAT authority be and is hereby given in line with Rule 10.09 of the Main Market Listing Requirements of Bursa
Malaysia Securities Berhad, for the Company, its subsidiaries or any of them to enter into any of the transactions
falling within the types of Recurrent Related Party Transactions, particulars of which are set out in Section 2 and
Appendix 1 of the Circular, with the Related Parties as described in the Circular, provided that such transactions
are of revenue and/or trading nature, which are necessary for the day-to-day operations of the Company and/or its
subsidiaries, within the ordinary course of business of the Company and/or its subsidiaries, made on arms length
basis and on normal commercial terms which were not more favourable to the related party than those generally
available to the public and are not detrimental to the minority shareholders of the Company;
AND THAT such authority shall commence immediately upon passing of this ordinary resolution and continue to
be in force until :
a)
b)
c)
the conclusion of the next AGM of the Company following this AGM at which the ordinary resolution for the
Proposed Mandate for Recurrent Related Party Transactions is approved, at which time it will lapse, unless
the authority is renewed by a resolution passed at the next AGM; or
the expiration of the period within which the next AGM after that date is required by law to be held; or
revoked or varied by resolution passed by the shareholders of the Company in a general meeting of the
Company,
To transact any other business of the Company for which due notice shall be given in accordance with the
Companys Articles of Association and the Companies Act, 1965.
Shares transferred into the Depositors securities account before 4.00 p.m. on 30 June 2014 in respect of ordinary transfers; and
Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia Securities Berhad.
472
NOTICE OF ANNUAL GENERAL MEETING
NOTES :
2.
A proxy appointed to attend and vote at a meeting of the Company shall have the
same rights as the Member to speak at the meeting.
3. A proxy need not be a Member and the provisions of Section 149(1)(b) of the
Companies Act, 1965 shall not apply to the Company. A Member shall not be
precluded from attending and voting in person at any general meeting after
lodging the Proxy Form. However, such attendance shall automatically revoke
the proxys authority. There shall be no restriction as to the qualification of the
proxy.
4. A Member may appoint up to two (2) proxies to attend a general meeting of
the Company. Where a Member appoints two (2) proxies, the appointment of
such proxies shall not be valid unless the Member specifies the proportion
of his shareholding to be represented by each of such proxy. The instrument
appointing a proxy shall be in writing under the hands of the appointor or of his
attorney duly authorised in writing or if the appointor is a corporation either
under its common seal, or the hand of its officer or its duly authorised attorney.
An instrument appointing a proxy to vote at a meeting shall be deemed to
include the power to demand or join in demanding a poll on behalf of the
appointor.
5. Where a Member is an exempt Authorised Nominee, which holds ordinary
shares in the Company for multiple beneficial owners in one (1) securities
account (omnibus account) there is no limit to the number of proxies which the
exempt Authorised Nominee may appoint in respect of each omnibus account
it holds to vote instead of it, and that a proxy need not also be a member and
that where a member appoints more than one (1) proxy, the appointment shall
be invalid unless it specifies the proportion of its holdings to be represented by
each proxy. An exempt Authorised Nominee refers to an authorised nominee
defined under the Securities Industry (Central Depositories) Act 1991 (SICDA)
which is exempted from compliance with the provisions of subsection 25A(1) of
SICDA.
6. The instrument appointing a proxy shall be deposited at the Share Registrar
of the Company at Symphony Share Registrars Sdn Bhd, Level 6, Symphony
House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya,
Selangor Darul Ehsan not less than forty-eight (48) hours before the time for
holding the meeting or adjourned meeting at which the person named in the
instrument proposes to vote and in the case of a poll, not less than twenty-four
(24) hours before the time appointed in taking of the poll, and in default the
instrument of proxy shall not be treated as valid.
For purposes of determining a member who shall be entitled to attend the Sixth
(6th) Annual General Meeting, the Company shall be requesting from Bursa
Malaysia Depository Sdn Bhd, in accordance with Article 54 of the Companys
Articles of Association and Section 34(1) of SICDA, to issue a General Meeting
Record of Depositors as at 17 June 2014. Only a depositor whose name appears
on the General Meeting Record of Depositors as at 17 June 2014 shall be
entitled to attend the said meeting or appoint a proxy(ies) to attend and/or vote
on such depositors behalf.
The independence of Dato Yahaya Abd Jabar and YB Datuk Noor Ehsanuddin
Mohd Harun Narrashid who have served as Independent Non-Executive
Directors of the Company has been assessed by the Nomination and
Remuneration Committee and affirmed by the Board.
3.
All the Non-Executive Directors who are shareholders of the Company will
abstain from voting on Ordinary Resolution 9 concerning Directors Fees
at the 6th AGM.
The proposed Ordinary Resolution 11, if passed, will enable the Company and/
or its subsidiary companies to enter into recurrent transactions involving the
interests of the Related Parties, which are of a revenue or trading nature and
necessary for the Groups day-to-day operations, subject to the transactions
being carried out in the ordinary course of business on terms not favourable
than those generally available to the public and are not detrimental to the
minority shareholders of the Company.
Statement accompanying
NOTICE OF ANNUAL GENERAL MEETING
Made pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad
The details of the Directors seeking re-election pursuant to Article 88 and Article 94 of the Companys Articles of Association are set out from pages
470 to 472 of this Annual Report. The details of the Directors shareholdings in the Company are set out in page 175 of this Annual Report.
473
NOTIS
MESYUARAT AGUNG TAHUNAN
AGENDA
Sebagai Urusan Biasa
1.
Untuk menerima Penyata Kewangan Diaudit bagi tahun kewangan berakhir 31 Disember 2013 bersama dengan
Laporan Para Pengarah dan Juruaudit.
Sila rujuk Nota (1) dalam Nota Penjelasan Urusan Biasa
2.
Untuk meluluskan pembayaran Dividen Akhir sebanyak 10 sen sesaham biasa, di bawah sistem satu peringkat,
bagi tahun kewangan berakhir 31 Disember 2013.
3.
Untuk memilih semula para Pengarah berikut, yang bersara menurut Artikel 88 Tataurusan Pertubuhan Syarikat:
i. Mohd Emir Mavani Abdullah
ii. Dato Yahaya Abd Jabar
4.
(Resolusi 1)
(Resolusi 2)
(Resolusi 3)
Untuk memilih semula para Pengarah berikut, yang bersara menurut Artikel 94 Tataurusan Pertubuhan Syarikat:
i.
ii.
iii.
iv.
v.
(Resolusi 4)
(Resolusi 5)
(Resolusi 6)
(Resolusi 7)
(Resolusi 8)
5.
Untuk meluluskan pembayaran yuran para Pengarah sebanyak RM2,039,218 bagi tahun kewangan berakhir
31 Disember 2013.
(Resolusi 9)
6.
Untuk melantik semula Tetuan PricewaterhouseCoopers sebagai juruaudit Syarikat dan untuk membenarkan para
Pengarah untuk menetapkan imbuhan mereka.
(Resolusi 10)
474
NOTIS MESYUARAT AGUNG TAHUNAN
CADANGAN RATIFIKASI PEMEGANG SAHAM BAGI URUSNIAGA berulang dengan PIHAK BERKAITAN YANG
BERBENTUK HASIL ATAU DAGANGAN (CADANGAN RATIFIKASI) DAN CADANGAN MANDAT PEMEGANG
SAHAM BAGI URUSNIAGA berulang dengan PIHAK BERKAITAN YANG BERBENTUK HASIL ATAU DAGANGAN
(CADANGAN MANDAT)
(Resolusi 11)
BAHAWA, semua Urusniaga Berulang Dengan Pihak Berkaitan yang berbentuk hasil atau dagangan yang
dimeterai oleh Syarikat, anak-anak syarikatnya atau mana-mana syarikat tersebut dengan Pihak Berkaitan dari
27 Disember 2013 sehingga tarikh Mesyuarat Agung Tahunan (MAT) Keenam (Ke-6) telah dilaksanakan dalam
urusan lazim perniagaan pada asas transaksi setaraf, atas terma komersial biasa yang tidak lebih memihak kepada
pihak berkaitan berbanding yang secara umum tersedia kepada orang awam dan tidak merugikan para pemegang
saham minoriti Syarikat, yang mana butiran mengenainya dibentangkan dalam Seksyen 2 dan Lampiran 1
Pekeliling kepada Pemegang Saham bertarikh 3 Jun 2014 (Pekeliling), adalah dan dengan ini diluluskan, disahkan
dan diratifikasi;
BAHAWA kuasa adalah dan dengan ini diberi selaras dengan Peraturan 10.09 dalam Keperluan Penyenaraian
Pasaran Utama Bursa Malaysia Securities Berhad, kepada Syarikat, anak-anak syarikatnya atau mana-mana
syarikat tersebut untuk memeterai sebarang urusniaga yang termasuk dalam jenis Urusniaga Berulang Dengan
Pihak Berkaitan, yang mana butiran mengenainya dibentangkan dalam Seksyen 2 dan Lampiran 1 Pekeliling, dengan
Pihak berkaitan seperti yang dinyatakan dalam Pekeliling, dengan syarat urusniaga tersebut adalah berbentuk hasil
dan/atau perdagangan, yang diperlukan untuk operasi harian Syarikat dan/atau anak-anak syarikatnya, dalam
perjalanan perniagaan biasa Syarikat dan/atau anak-anak syarikatnya, yang dilaksanakan pada asas transaksi
setaraf dan atas terma komersial biasa yang tidak lebih memihak kepada pihak berkaitan berbanding yang secara
umumnya tersedia kepada orang awam dan tidak merugikan para pemegang saham minoriti Syarikat;
DAN BAHAWA kuasa tersebut hendaklah berkuatkuasa serta-merta selepas resolusi ini diluluskan dan terus
berkuatkuasa sehingga :
a)
b)
c)
tamat MAT Syarikat yang akan datang yang diadakan selepas MAT ini dimana resolusi biasa Cadangan Mandat
untuk Urusniaga Berulang Dengan Pihak Berkaitan tersebut diluluskan, dimana pada masa itu ia akan luput,
kecuali kuasa tersebut diperbaharui oleh satu resolusi yang diluluskan pada MAT akan datang; atau
tamat tempoh dimana MAT akan datang selepas tarikh tersebut dikehendaki oleh undang-undang untuk
diadakan; atau
dibatal atau diubah oleh resolusi yang diluluskan oleh pemegang saham Syarikat dalam sebuah mesyuarat
agung Syarikat,
Untuk menjalankan sebarang urusan lain Syarikat yang mana notis yang sewajarnya akan diberikan menurut
Tataurusan Pertubuhan Syarikat dan Akta Syarikat, 1965.
Saham yang dipindahkan ke dalam akaun sekuriti Pendeposit sebelum jam 4.00 petang pada 30 Jun 2014 bagi pemindahan biasa; dan
Saham yang dibeli dari Bursa Malaysia Securities Berhad atas asas kelayakan menurut Peraturan Bursa Malaysia Securities Berhad.
475
NOTA-NOTA :
2.
Seorang proksi yang dilantik untuk menghadiri dan mengundi pada mesyuarat
Syarikat hendaklah mempunyai hak yang sama seperti Ahli untuk bersuara
pada mesyuarat tersebut.
3. Seorang proksi tidak semestinya seorang Ahli dan peruntukan Seksyen 149(1)
(b) Akta Syarikat, 1965 tidak akan terpakai kepada Syarikat. Ahli tidak boleh
dihalang daripada menghadiri dan mengundi pada mana-mana mesyuarat
agung selepas menyerahkan borang proksi. Walau bagaimanapun, kehadiran
itu secara automatik akan membatalkan kuasa proksi. Tidak akan ada sekatan
tentang kelayakan proksi.
4. Ahli boleh melantik sehingga dua orang proksi untuk menghadiri mesyuarat
agung Syarikat. Jika seseorang Ahli melantik dua proksi, pelantikan proksi itu
tidak boleh menjadi sah melainkan jika Ahli menyatakan bahagian pegangan
saham beliau yang akan diwakili oleh setiap satu proksi tersebut. Instrumen
pelantikan proksi hendaklah dibuat secara bertulis oleh orang yang melantik
atau peguam beliau yang diberi kuasa secara bertulis atau sekiranya orang
yang melantik adalah sebuah perbadanan sama ada di bawah meterai syarikat
atau ditandatangani oleh pegawai atau peguam yang telah diberi kuasa.
Instrumen pelantikan proksi untuk mengundi dalam mesyuarat termasuk
kuasa untuk meminta atau menyertai dalam permintaan pengundian bagi
pihak yang melantik.
5. Dimana Ahli adalah Penama Sah yang dikecualikan yang memegang sahamsaham biasa dalam Syarikat untuk beberapa pemilik bermanfaat dalam
satu akaun sekuriti (akaun omnibus) tidak ada had kepada bilangan proksi
yang boleh dilantik oleh Penama Sah yang dikecualikan bagi setiap akaun
omnibus yang dipegang untuk mengundi di tempatnya, dan bahawa proksi
juga tidak perlu menjadi ahli dan dimana seorang ahli melantik lebih daripada
seorang proksi, pelantikan tersebut adalah tidak sah kecuali ia menyatakan
nisbah pegangan yang akan diwakili oleh setiap proksi. Seorang Penama
Sah yang dikecualikan merujuk kepada penama yang diberi kuasa yang
ditakrifkan di bawah Akta Industri Sekuriti (Depositori Pusat) 1991 (SICDA)
yang dikecualikan daripada mematuhi peruntukan subseksyen 25A (1) SICDA.
6. Instrumen pelantikan proksi hendaklah diserahkan ke pejabat Pendaftar
Saham Syarikat, Symphony Share Registrars Sdn Bhd, Level 6, Symphony
House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya,
Selangor Darul Ehsan tidak kurang daripada empat puluh lapan (48) jam
sebelum mesyuarat diadakan atau ditangguhkan dimana individu yang
dinamakan dalam instrumen itu bercadang untuk mengundi dan dalam kes
pengundian, tidak kurang daripada dua puluh empat (24) jam sebelum masa
yang ditetapkan untuk membuat pengundian, dan jika gagal, instrumen
pelantikan proksi akan dianggap tidah sah.
Penilaian kebebasan Dato Yahaya Abd Jabar dan YB Datuk Noor Ehsanuddin
Mohd Harun Narrashid yang telah berkhidmat sebagai para Pengarah Bukan
Eksekutif Bebas Syarikat telah dinilai oleh Jawatankuasa Pencalonan dan
Imbuhan dan disahkan oleh Lembaga Pengarah.
3.
PENYATA MENGIRINGI
NOTIS MESYUARAT AGUNG TAHUNAN
Disediakan menurut Perenggan 8.27(2) Keperluan Penyenaraian Pasaran Utama Bursa Malaysia
Securities Berhad.
Maklumat terperinci mengenai para Pengarah yang menawarkan diri untuk pemilihan semula menurut Artikel 88 dan Artikel 94 Tataurusan
Pertubuhan Syarikat dibentangkan dari muka surat 473 hingga 475 dalam Laporan Tahunan ini. Butiran pegangan saham para Pengarah tersebut
dalam Syarikat disediakan di muka surat 317 dalam Laporan Tahunan ini.
CDS ACCOUNT NO :
ProXY FORM
I/We ....................................................................
(Full name of a member in BLOCK LETTERS as per Identity Card/Passport/Certificate of Incorporation)
NRIC (new and old)/Passport No. (for non-Malaysian)/Company No. : .................................. of .............................
...............................................
(Address in full)
telephone no. ................................................................................... being a member of Felda Global Ventures Holdings Berhad
(the Company), hereby appoint ........................................................
(Full name of proxy in BLOCK LETTERS as per Identity Card/Passport)
or failing the abovenamed proxies, the Chairman of the Meeting, as my/our proxy/proxies to attend and vote for me/us on my/our behalf at the
Sixth (6th) Annual General Meeting of the Company to be held at Dewan Merdeka, Level 4, Putra World Trade Centre, 41 Jalan Tun Ismail, 50480 Kuala Lumpur on
Wednesday, 25 June 2014, at 11.00 a.m. and at any adjournment thereof. My/our proxy/proxies is to vote as indicated below :
NO.
1
AGENDA
To receive the Audited Financial Statements for the financial year ended 31 December 2013 together with the Reports of the Directors and
Auditors thereon
RESOLUTION
Approval of a Final Dividend of 10 sen per ordinary share, under single-tier system, in respect
of the financial year ended 31 December 2013.
3(i)
Re-election of Mohd Emir Mavani Abdullah as Director pursuant to Article 88 of the Companys
Articles of Association.
3(ii)
Re-election of Dato Yahaya Abd Jabar as Director pursuant to Article 88 of the Companys
Articles of Association.
4(i)
4(ii)
Re-election of Datuk Haji Faizoull Ahmad as Director pursuant to Article 94 of the Companys
Articles of Association.
4(iii)
Re-election of Datuk Dr. Salmiah Ahmad as Director pursuant to Article 94 of the Companys
Articles of Association.
4(iv)
Re-election of Tan Sri Dr. Sulaiman Mahbob as Director pursuant to Article 94 of the
Companys Articles of Association.
4(v)
To approve the payment of Directors fees for the financial year ended 31 December 2013.
10
11
FOR
AGAINST
(Please indicate with an X in the space whether you wish your votes to be cast for or against the resolutions. In the absence of such specific instructions, your proxy will
vote or abstain as he thinks fit).
Dated this ______________ day of ______________2014.
Second Proxy
Total
Notes:
1. A Member of the Company entitled to attend and vote at a meeting of the
Company, or at a meeting of any class of members of the Company, shall
be entitled to appoint any person as his proxy to attend and vote instead
of the Member at the meeting. There shall be no restriction as to the
qualification of the proxy.
2. A proxy appointed to attend and vote at a meeting of the Company shall
have the same rights as the Member to speak at the meeting.
3. A proxy need not be a Member and the provisions of Section 149(1)(b)
of the Companies Act, 1965 shall not apply to the Company. A Member
shall not be precluded from attending and voting in person at any general
meeting after lodging the Proxy Form. However, such attendance shall
automatically revoke the proxys authority. There shall be no restriction
as to the qualification of the proxy.
4. A Member may appoint up to two (2) proxies to attend a general
meeting of the Company. Where a Member appoints two (2) proxies,
the appointment of such proxies shall not be valid unless the Member
specifies the proportion of his shareholding to be represented by each
of such proxy. The instrument appointing a proxy shall be in writing
Percentage
First Proxy
5.
100%
6.
7.
STAMP
Share Registrar
BORANG PROKSI
Saya/Kami ....................................................................
(Nama penuh ahli dalam HURUF BESAR seperti dalam Kad Pengenalan/Pasport/Sijil Diperbadankan)
No. KP (baru dan lama)/No. Pasport (jika bukan warganegara Malaysia)/No. Syarikat : .................... beralamat di .........................
...............................................
(Alamat penuh)
No. KP (baru dan lama)/No. Pasport (jika bukan warganegara Malaysia): .......................... beralamat di .......................
...............................................
(Alamat penuh)
No. KP (baru dan lama)/No. Pasport (jika bukan warganegara Malaysia): ............................... beralamat di ....................
...............................................
(Alamat penuh)
atau sekiranya proksi yang dinamakan di atas tidak hadir, Pengerusi Mesyuarat, sebagai proksi saya/kami untuk hadir dan mengundi bagi pihak saya/kami pada
Mesyuarat Agung Tahunan Syarikat Keenam (Ke-6) yang akan diadakan di Dewan Merdeka, Aras 4, Pusat Dagangan Dunia Putra, 41 Jalan Tun Ismail, 50480 Kuala
Lumpur pada hari Rabu, 25 Jun 2014 jam 11.00 pagi dan pada sebarang penangguhannya. Proksi saya/kami akan mengundi seperti yang dinyatakan di bawah:
NO.
AGENDA
Untuk menerima Penyata Kewangan Diaudit bagi tahun kewangan berakhir 31 Disember 2013 bersama dengan Laporan Pengarah dan Juruaudit
mengenainya.
Kelulusan Dividen Akhir sebanyak 10 sen sesaham biasa, di bawah sistem satu peringkat, bagi tahun
kewangan berakhir 31 Disember 2013.
3(i)
Pemilihan semula Mohd Emir Mavani Abdullah sebagai Pengarah menurut Artikel 88 Tataurusan Pertubuhan
Syarikat.
3(ii)
Pemilihan semula Dato Yahaya Abd Jabar sebagai Pengarah menurut Artikel 88 Tataurusan Pertubuhan
Syarikat.
4(i)
Pemilihan semula YB Datuk Noor Ehsanuddin Mohd Harun Narrashid sebagai Pengarah menurut Artikel 94
Tataurusan Pertubuhan Syarikat.
4(ii)
Pemilihan semula Datuk Haji Faizoull Ahmad sebagai Pengarah menurut Artikel 94 Tataurusan Pertubuhan
Syarikat.
4(iii)
Pemilihan semula Datuk Dr. Salmiah Ahmad sebagai Pengarah menurut Artikel 94 Tataurusan Pertubuhan
Syarikat.
4(iv)
Pemilihan semula Tan Sri Dr. Sulaiman Mahbob sebagai Pengarah menurut Artikel 94 Tataurusan Pertubuhan
Syarikat.
4(v)
Pemilihan semula Fazlur Rahman Ebrahim sebagai Pengarah menurut Artikel 94 Tataurusan Pertubuhan
Syarikat.
Untuk meluluskan pembayaran yuran Pengarah bagi tahun kewangan berakhir 31 Disember 2013.
Pelantikan semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat dan memberi kuasa kepada
Pengarah untuk menetapkan imbuhan mereka.
10
11
RESOLusi
SETUJU
TIDAK SETUJU
(Sila tandakan dengan X dalam ruang di mana anda ingin menurunkan undian sama ada setuju atau tidak setuju dengan resolusi berkenaan. Sekiranya arahan khusus
tidak diberikan, proksi anda akan mengundi atau berkecuali sebagaimana yang difikirkannya wajar).
Bertarikh ______________ haribulan ______________2014.
Bahagian pegangan saham saya / kami yang diwakili oleh proksi saya /
kami adalah seperti berikut :
Bilangan saham
Proksi Kedua
Jumlah
NOTA-NOTA :
1. Seorang ahli Syarikat yang berhak menghadiri dan mengundi
di mesyuarat Syarikat, atau dalam mesyuarat mana-mana kelas ahli-ahli
Syarikat, adalah berhak untuk melantik mana-mana individu sebagai
proksi untuk menghadiri dan mengundi bagi pihak Ahli pada mesyuarat
tersebut. Tidak akan ada sekatan tentang kelayakan proksi.
2. Seorang proksi yang dilantik untuk menghadiri dan mengundi pada
mesyuarat Syarikat hendaklah mempunyai hak yang sama seperti Ahli
untuk bersuara pada mesyuarat tersebut.
3. Seorang proksi tidak semestinya seorang Ahli dan peruntukan Seksyen
149(1)(b) Akta Syarikat, 1965 tidak akan terpakai kepada Syarikat. Ahli
tidak boleh dihalang daripada menghadiri dan mengundi pada manamana mesyuarat agung selepas menyerahkan borang proksi. Walau
bagaimanapun, kehadiran itu secara automatik akan membatalkan kuasa
proksi. Tidak akan ada sekatan tentang kelayakan proksi.
4. Ahli boleh melantik sehingga dua orang proksi untuk menghadiri
mesyuarat agung Syarikat. Jika seseorang Ahli melantik dua proksi,
pelantikan proksi itu tidak boleh menjadi sah melainkan jika Ahli
menyatakan bahagian pegangan saham beliau yang akan diwakili oleh
setiap satu proksi tersebut. Instrumen pelantikan proksi hendaklah dibuat
Peratus
Proksi Pertama
secara bertulis oleh orang yang melantik atau peguam beliau yang diberi
kuasa secara bertulis atau sekiranya orang yang melantik adalah sebuah
perbadanan sama ada di bawah meterai syarikat atau ditandatangani
oleh pegawai atau peguam yang telah diberi kuasa. Instrumen pelantikan
proksi untuk mengundi dalam mesyuarat termasuk kuasa untuk meminta
atau menyertai dalam permintaan pengundian bagi pihak yang melantik.
5. Dimana Ahli adalah Penama Sah yang dikecualikan yang memegang
saham-saham biasa dalam Syarikat untuk beberapa pemilik bermanfaat
dalam satu akaun sekuriti (akaun omnibus) tidak ada had kepada
bilangan proksi yang boleh dilantik oleh Penama Sah yang dikecualikan
bagi setiap akaun omnibus yang dipegang untuk mengundi di tempatnya,
dan bahawa proksi juga tidak perlu menjadi ahli dan dimana seorang
ahli melantik lebih daripada seorang proksi, pelantikan tersebut adalah
tidak sah kecuali ia menyatakan nisbah pegangan yang akan diwakili oleh
setiap proksi. Seorang Penama Sah yang dikecualikan merujuk kepada
penama yang diberi kuasa yang ditakrifkan di bawah Akta Industri Sekuriti
(Depositori Pusat) 1991 (SICDA) yang dikecualikan daripada mematuhi
peruntukan subseksyen 25A (1) SICDA.
100%
6. Instrumen pelantikan proksi hendaklah diserahkan ke pejabat
Pendaftar Saham Syarikat, Symphony Share Registrars Sdn Bhd,
Level 6, Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46,
47301 Petaling Jaya, Selangor Darul Ehsan tidak kurang daripada empat
puluh lapan (48) jam sebelum mesyuarat diadakan atau ditangguhkan
dimana individu yang dinamakan dalam instrumen itu bercadang untuk
mengundi dan dalam kes pengundian, tidak kurang daripada dua puluh
empat (24) jam sebelum masa yang ditetapkan untuk membuat pengundian,
dan jika gagal, instrumen pelantikan proksi akan dianggap tidah sah.
7. Ahli yang layak hadir
Bagi tujuan menentukan ahli yang berhak untuk menghadiri Mesyuarat
Agung Tahunan Syarikat yang ke-Enam (6), Syarikat akan memohon
daripada Bursa Malaysia Depository Sdn Bhd, selaras dengan Artikel 54
Tataurusan Pertubuhan Syarikat dan Seksyen 34 (1) Akta Industri Sekuriti
(Depositori Pusat) 1991, untuk mengeluarkan Rekod Pendeposit Mesyuarat
Agung pada 17 Jun 2014. Hanya pendeposit yang namanya tertera dalam
Rekod Pendeposit Mesyuarat Agung pada 17 Jun 2014 akan berhak untuk
menghadiri mesyuarat tersebut atau melantik seorang proksi (proksiproksi) untuk hadir dan/atau mengundi bagi pihak pendeposit tersebut.
SETEM
REQUEST FORM
Request for an unabridged printed version of Felda Global Ventures Holdings Berhad Annual Report 2013.
Kindly fill in your details below and send it to the given address.
!
To : The Share Registrar
Please send to me/us an unabridged printed version of the 2013 Annual Report of Felda Global Ventures Holdings Berhad.
Name of Shareholder
:____________________________________________________________________________________________________
:____________________________________________________________________________________________________
:____________________________________________________________________________________________________
Address :____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
Telephone No.
:____________________________________________________________________________________________________
Date :____________________________________________________________________________________________________
_________________________
Signature of Shareholder
!
Contact details for the unabridged printed version of Felda Global Ventures Holdings Berhad Annual Report 2013 :
Symphony Share Registrars Sdn Bhd
Level 6, Symphony House
Pusat Dagangan Dana 1, Jalan PJU 1A/46
47301 Petaling Jaya, Selangor, Malaysia
Help Desk Tel.
: +603 7849 0777
Fax
: +603 7841 8151/8152
E-mail
: ask_us@symphony.com.my
Note :
1. The unabridged printed version of Felda Global Ventures Holdings Berhad Annual Report 2013 will be forwarded within 4 market days from the
date of receipt of the request.
2. A copy of the Annual Report 2013 may be downloaded from www.feldaglobal.com
Borang Permintaan
Permintaan untuk versi bercetak yang lengkap bagi Laporan Tahunan 2013 Felda Global Ventures Holdings Berhad.
Sila lengkapkan butiran di bawah dan kirimkan ke alamat yang tertera.
!
Kepada : Pendaftar Saham Syarikat
Sila kirimkan kepada saya/kami versi bercetak yang lengkap bagi Laporan Tahunan 2013 Felda Global Ventures Holdings Berhad.
Nama Pemegang Saham :__________________________________________________________________________________________________
No. K P/No. Syarikat
:__________________________________________________________________________________________________
:__________________________________________________________________________________________________
Alamat :__________________________________________________________________________________________________
__________________________________________________________________________________________________
No. Telefon
__________________________________________________________________________________________________
:__________________________________________________________________________________________________
Tarikh :__________________________________________________________________________________________________
___________________________
Tandatangan Pemegang Saham
!
Butiran untuk dihubungi bagi mendapatkan versi bercetak lengkap Laporan Tahunan 2013 Felda Global Ventures Holdings Berhad :
Symphony Share Registrars Sdn Bhd
Level 6, Symphony House
Pusat Dagangan Dana 1, Jalan PJU 1A/46
47301 Petaling Jaya, Selangor, Malaysia
Tel. Meja Bantuan : +603 7849 0777
Faks
: +603 7841 8151/8152
E-mel
: ask_us@symphony.com.my
Nota:
1. Versi bercetak lengkap Laporan Tahunan 2013 Felda Global Ventures Holdings Berhad akan dikirim dalam tempoh 4 hari pasaran dari tarikh
penerimaan permintaan.
2. Satu salinan Laporan Tahunan 2013 boleh dimuat turun dari www.feldaglobal.com